State Bank of India (SBIN), the country's largest public sector lender, has overtaken Tata Consultancy Services (TCS) to become India's fourth-most valuable company by market capitalization, following a record-breaking third-quarter performance.
For the third quarter, SBI reported its highest-ever quarterly net profit of INR 21,028 crore, marking a 24.5% year-on-year increase. The strong earnings performance, coupled with improved asset quality, fueled investor optimism and lifted the bank's shares.
Net interest income rose 9% year-on-year to INR 45,190 crore, reflecting steady growth in core lending operations. Asset quality improved sequentially, with the gross non-performing asset ratio declining to 1.57% from 1.73% in the previous quarter. Net NPAs eased to 0.39%, while provisions fell to INR 4,506 crore, signaling lower credit costs.
Encouraged by the results, management raised its FY26 loan growth guidance to 13-15%, up from the earlier projection of 12-14%.
SBI shares closed at INR 1,181.10, up about 3%, after hitting a 52-week high of INR 1,187.50. The bank's market capitalization reached INR 10.9 lakh crore, surpassing TCS at INR 10.53 lakh crore.
Reliance Industries [RELIANCE.NS] remains India's most valuable company at INR 19.88 lakh crore, followed by HDFC Bank [HDFCBANK.NS] (INR 14.26 lakh crore) and Bharti Airtel [BHARTI.NS] (INR 11.47 lakh crore).
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