State Bank of India's market cap crosses ₹8 lakh crore, stocks surge to all-time high
The Hindu
State Bank of India's market cap surpasses ₹8 lakh crore, reflecting strong performance and investor confidence in banking sector
The market capitalisation of the State Bank of India (SBI) crossed the ₹8 lakh crore mark on June 3 after the bank's shares surged to a record high of ₹907.
SBI is now the third-largest bank in India by market cap, very close to ICICI Bank which is second largest. The bank's market cap milestone was reached as shares rose over 9% during a rally in the stock market, hitting an all-time high of ₹909. Notably, SBI's shares have increased by more than 50% in the last six months.
Finance Minister Nirmala Sitharaman has recently posted on social media that India's banking sector has achieved a significant milestone by recording its highest-ever net profit, exceeding ₹3 lakh crore. She also emphasized that the government will take decisive steps to further strengthen the banking sector.
Insolvency and Bankruptcy Code introduced by the government has improved the financial conditions of Indian banks, with a recovery of ₹10 lakh crore of bad loans. "Between 2014 and 2023, banks recovered more than ₹10 lakh crores from bad loans," she said.
The Nifty Bank index also surged to a record high on June 3, crossing the 50,000 mark for the first time. The Nifty index touched a new high of 50,990, with all banking stocks in the index trading with gains at the time of filing this report.
In the recently released quarterly results, the State Bank of India has reported a standalone net profit of ₹20,698.35 crore, which was 24% year-on-year (Y-o-Y), on the back of higher interest income and low provisions. State Bank of India has reported a 15.24% year-over-year (YoY) credit growth at the end of March 2024.
Domestic advances have grown by 16.26% and corporate advances and agriculture advances grow by ₹11 lakh crore and ₹3 lakh crore, respectively (YoY). Foreign Offices' advances grew by 9.47%, while retail personal advances and corporate loans registered YoY growth of 14.68% and 16.17%, respectively (YoY).
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