SBI market cap surpasses 8 lakh crore benchmark, shares surged over 9%

The largest PSB SBI ‘s market capitalization crossed the Rs 8 lakh crore mark on Monday after the bank’s shares reached to a record high of Rs 907.

From now onwards SBI is the third-largest bank in India by market cap, very close to ICICI Bank which is the second largest. The bank’s market cap milestone was reached as shares rose over 9 percent during a rally in the stock market, hitting an all-time high of Rs 909. Notably, SBI’s shares have increased by more than 50 per cent in the last six months.

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The Nifty Bank index also surged to a record high on Monday, crossing the 50,000 mark for the first time as the stock market witnessed a consistent rally over time and the Nifty index touched a new high of 50,990, with all banking stocks in the index trading with gains at the recent time.

With the FY24 quarterly results, the State Bank of India has reported a standalone net profit of Rs 20,698.35 crore, a 24 percent up year-on-year (Y-o-Y), on account of higher interest income and low provisions.

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 Bank deposits grew at 11.13 per cent (YoY), out of which CASA Deposits grew by 4.25 per cent YoY. CASA ratio stands at 41.11 per cent as of 31st March 2024. The impressive performance of SBI and the overall banking sector highlights investor confidence and the positive outlook for India’s banking sector

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