Shares of State Bank of India (SBI), the country's largest lender scaled fresh record levels on Wednesday, coming within touching distance of the Rs 1,000 mark.
The stock rose over 3% on Wednesday and it rose nearly 2% on Tuesday. SBI was also among the biggest contributor in Nifty PSU Bank helping the hit another fresh all-time high.
Interestingly, the shares were close to the Rs 1,000-mark. But whether it will cross that mark on Wednesday or the coming sessions is yet to be seen.
SBI reported a 6.84% jump in consolidated net profit for the September quarter at Rs 21,137 crore, helped by a gain of Rs 4,593 crore from its stake sale in Yes Bank.
Operating profit saw a decline of 6.8% YoY, falling to Rs 27,311 crore from Rs 29,294 crore.
The bank's Net Interest Income (NII) registered growth of 3% on a year-on-year basis, reaching Rs 42,984 crore.
On the asset quality front, the bank showed significant improvement. The Gross Non-Performing Assets (NPA) ratio improved to 1.73% from 1.83% in the previous quarter.
The Net NPA ratio also saw a healthy decline, falling to 0.42% from 0.47% quarter-on-quarter.
However, the bank increased its provisions, which rose 19.9% on a year-on-year basis and 13.5% on a quarter-on-quarter basis to Rs 5,400 crore.
SBI Share Price Today
The scrip rose as much as 3.53% to Rs 999.00 apiece, paring gains to trade 1.19% higher at Rs 995.35 apiece, as of 10:55 a.m. This compares to a 0.97% advance in the NSE Nifty 50 Index.
It has risen 25.00% on a year-to-date basis, and 18.37 % in the last 12 months. The relative strength index was at 66.75.
Out of 50 analysts tracking the company, 41 maintain a 'buy' rating, eight recommend a 'hold,' and one suggests 'sell,' according to Bloomberg data. The average 12-month consensus price target implies an upside of 8.37%.
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