Mumbai: State Bank of India (SBI) share price is expected to touch the 1000-mark soon. Brokerages have given a Buy call on SBIN and predicted the banking stock to reach the target soon. Meanwhile, SBI stock closed at Rs 845.95 on November 11, 2024. The counter gained around 45 per cent in the last one year.
The brokerages initiated a Buy rating on SBI shares after the State Bank of India declared a positive Q2 Results 2024-25 last week. Five brokerages – ICICI Securities, Nomura, CLSA, Axis Securities, and Jefferies have projected SBIN to touch the 1000-mark. Predicting SBI share price to appreciate, Jefferies has given a target price of Rs 1,030 per share. SBI share price on BSE ended at Rs 847.80 on 11th November while on NSE it closed at Rs 845.95.
Brokerages
SBIN Share Price Target
Jefferies
Rs 1000
Axis Securities
Rs 1040
ICICI Securities
Rs 1000
Nomura
Rs 1080
CLSA
Rs 1075
What is the financial result of SBI Q2?
In its Q2 Results 2024-25, SBI posted a 23 per cent on-year jump in consolidated net profit at Rs 19,782 crore. The public sector bank’s consolidated net profit for for the quarter ended September 30, 2023 was reported at Rs 16,099 crore. The country’s largest public sector bank’s net profit was at Rs 18,331 crore, as compared to Rs 14,330 crore in second quarter of 2023-24 and Rs 17,035 crore in the preceding quarter.
In its financials, SBI informed that its total income surged to Rs 1.29 lakh crore, from Rs 1.12 lakh crore in second quarter of the previous financial year. The total expenditure went up to Rs 99,847 crore, as compared to Rs 92,752 crore in the year-ago period.
In its second quarter results of the current fiscal, SBI mentioned that its provisions for bad assets nearly jumped 100 per cent to Rs 3,631 crore from Rs 1,814 crore, and the gross non-performing assets ratio reported at 2.13 per cent. It was 2.21 per cent in June 2024.
(Disclaimer: This article is only meant to provide information. News9 does not recommend buying or selling shares or subscriptions of any IPO and Mutual Funds.)
Stock to Buy: Five brokerages have projected SBI share price to increase and touch the level of 1000 soon. SBI declared strong Q2 Results 2024-25. Markets Business News – Personal Finance News, Share Market News, BSE/NSE News, Stock Exchange News Today
