SBI shares have rallied over 22 percent so far this year, driving the lender’s market-cap past the Rs 5 lakh crore mark on Wednesday. As of 13:45 pm, SBI’s m-cap was at Rs 5.11 lakh crore.
3rd Indian bank with 5 trillion m-cap
JM Financial also said, “With increasing signs of momentum continuing in corporate demand and a potential capex upturn in FY24, we believe that SBI is one of the best-placed participants in the sector.”
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Though the share of retail loans has gone up over the last few years (36 percent of loans in 1Q23 as against 31 percent in FY20), we see a gradual increase in the corporate credit share incrementally,” it added in a recent note to investors.
Meanwhile, SBI’s earnings in the June quarter were not extraordinary. The lender reported marginal decline in net profit on year-on-year basis (YoY) to Rs 6.068. 08 crore in the quarter ended June 2022. The bank had reported a net profit of Rs 6504 crore in the corresponding quarter of the previous fiscal.