SBI stock price hits all-time high; lender's market cap crosses ₹6 lakh crore

On February 3, the SBI had reported a 35 per cent fall in net profit to ₹9,164 crore for the December quarter

Updated on: Feb 7, 2024, 15:33:44 IST

By HT News Desk

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The shares of State Bank of India on Wednesday surged by nearly four per cent to touch an all-time high of ₹675.70.

With the surge in share prices, the market capitalisation of the State Bank of India crossed the ₹6 lakh crore mark (Priyanka Parashar/Mint)

With the surge in share prices, the market capitalisation of the public lender crossed the ₹6 lakh crore mark, making it the second public sector undertaking (PSU) after Life Insurance Corporation of India to achieve the milestone.

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According to the Bombay Stock Exchange (BSE) website, at least eight companies have a market cap of more than ₹6 lakh crore. Mukesh Ambani-led Reliance Industries has the highest market cap of ₹19.32 lakh crore, followed by TCS ( ₹15.12 lakh crore) and HDFC Bank ( ₹10.96 lakh crore).

SBI reported 35% fall in Q3 net profit

On February 3, the SBI had reported a 35 per cent fall in net profit to ₹9,164 crore for the December quarter. The lender had earned a net profit of ₹14,205 crore in the year-ago period.

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The bank's total income rose to ₹1,18,193 crore in the third quarter of the ongoing fiscal as against ₹98,084 crore in the same period a year ago, the bank said in a regulatory filing.

During the quarter, the bank earned interest income of ₹1,06,734 crore as against ₹86,616 crore in the same period a year ago.

Similarly, net Non-Performing Assets (NPAs) also eased to 0.64 per cent against 0.77 per cent at the end of the same period a year ago.

On a consolidated basis, SBI Group's net profit slipped 29 per cent to ₹11,064 crore as against ₹15,477 crore in the same quarter a year ago.

SBI had attributed the fall in profit to the additional provision of ₹7,100 crore made in the reporting quarter towards salaries and pensions arising out of the 17 per cent wage hike settlement reached with employee unions in November last year.

(With PTI input)

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HT News Desk
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