The shares of the largest bank in India, SBI scaled to a new 52-week high of Rs 622.70 as soon as the markets opened on Monday.
The PSU bank became the most profitable firm in the September quarter in India after it reported its highest quarterly net profit of Rs 13,264 crore which was an increase of 74 per cent from the year-ago when it earned Rs 7,626.57 Crore.
In the period, the total income of the bank stood at Rs 88,733.86 crore which increased from Rs 77,689.09 crore in the corresponding quarter of the last year.
In addition to that, their Gross non-performing assets (NPA) stood at 3.52 per cent of the total loan book, down from 4.90 per cent a year ago. This is the lowest NPA reported by the bank in the last 10 years.
In the past five days, the stock has rallied by approximately 6 per cent. In a month, it has rallied by 15 per cent and in the past six months, the stock has climbed up by 28 per cent.
Brokerage firm ICICI Securities remains bullish on SBI Bank and has given a target price of Rs 805 per share which represents an upside of 32% from the current levels.
State Bank of India (SBI) a Fortune 500 company, is an Indian Multinational, Public Sector Banking, and Financial Services in India. It is the largest Indian Bank with 1/4th market share.
The bank has a market capitalization of Rs 5,46,543 Crores as of November 7th, 2022 which makes it the 7th largest company by market cap in India. The president of India (Promoter of the bank) holds a 57.52 stake.
Written by Anoushka Roy
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