Shares of India's largest public sector lender, State Bank of India (SBI), have seen a one-way rally over the past few weeks. Since February 4, the day the lender announced its OctoberDecember quarter (Q3) results for the current financial year 2023-24 (FY24), the shares have rallied 22 per cent at the bourses compared to a 2.8 per cent rise in the benchmark S&P BSE Sensex.
On Thursday, the stock hit a fresh lifetime high of â¹793.5 per share, with the market capitalisation reaching â¹7.06 trillion intraday. It crossed the 7 trillion mark for the first time on Tuesday.
Analysts attribute the stock's recent outperformance to consistent earnings growth driven by asset quality improvement, lower slippages, higher recoveries, and some write-offs.
SBI reported a net profit of â¹9,164 crore in Q3FY24, down 35.5 per cent year-on-year (Y-o-Y) and 36 per cent quarteron-quarter (Q-o-Q).
While net interest margin (NIM) declined to 3.34 per cent during this period, the bank's gross non-performing asset (NPA) ratio and net NPA ratio improved by 72 basis points (bps) and 13 bps Y-o-Y, respectively.
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