Updated March 5th, 2024 at 15:45 IST

State Bank of India market cap tops Rs 7 lakh crore, shares hit record high

State Bank of India has handsomely rewarded investors since start of the year as the stock has advanced 22.5 per cent outperforming the Sensex.

Reported by: Business Desk
State Bank of India shares have surged 57 per cent from 52-week low of Rs 501.85. | Image:SBI
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State Bank of India market cap: State Bank of India, the country's largest lender, crossed Rs 7 lakh crore in market capitalisation on Tuesday after its shares surged as much as 1.91 per cent to hit record high of Rs 786.90 on the BSE. With today's surge in share price, State Bank of India surpassed Life Insurance Corporation of India as the most valuable state-run company.

State Bank of India has handsomely rewarded investors since start of the year as the stock has advanced 22.5 per cent outperforming the Sensex which has gained 2 per cent during the same time frame.

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State Bank of India shares have surged 57 per cent from 52-week low of Rs 501.85.

The country’s largest lender’s profit declined 35 per cent in October-December quarter on the back of higher pension costs and wage revisions.

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SBI's net profit dropped to Rs 9,164 crore from Rs 14,205 crore recorded during the same period the previous year. Analysts, relying on LSEG data, had anticipated a profit of Rs 12,987 crore.

The bank attributed the profit decline to a significant provision of Rs 7,100 crore for wage revisions and pension costs.

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While SBI's net interest income rose by 4.6 per cent to Rs 39,816 crore, net interest margins experienced a 35 basis point decline year-on-year and a nine basis point dip quarter-on-quarter, settling at 3.34 per cent.

SBI shares ended 1.60 per cent higher at Rs 784.50, outperforming the Sensex which closed 0.3 per cent lower.
 

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Published March 5th, 2024 at 15:45 IST