PSU Bank Declares Highest Ever Quarterly PAT, Motilal Oswal Says Buy For 35% Return

Public sector bank, State Bank of India declared its Q3 results on Friday and announced a jump of 68.5% YoY in its net profit for the quarter ended December 2022 to a huge 14,205.34 crore, its highest ever quarterly PAT.

The shares of the banking stock rallied over 3% intraday. Meanwhile, brokerage firm Motilal Oswal sees the shares soaring and assigned buy call with target price of Rs 735 apiece and a potential return of 35%. The figures have beat estimates of experts. Check details below:

1. SBI Q3 Result

The bank's net interest income also known as NII surged 24% on year to Rs 38,068.62 crore. The bank witnessed provisions for the quarter declining by over 17% on year to Rs 5,761 crore.

The provision for non-performing asset declared at Rs 1,586.5 crore compared with Rs 3,096 a year ago. SBI's operating profit soared by more than 36% to Rs 25,219 crore.

The bank's domestic net interest margin (NIM) surged 29 basis points YoY to 3.69% for the quarter.

2. SBI Stock Performance & Return

Stock Performance: The last trading price of SBI Bank is Rs 544.45 apiece with an intraday gain of 3.12%. The stock's 52-week high is Rs 629.65 apiece and 52-week low is Rs 425.00 apiece, respectively. The banking company has a market capitalisation of Rs 4,85,900.49 crore.

Return: The stock declined over 6% in last 6-months, gave a return of 82% in last 3-years and 83% return in last 5-years.

3. About SBI Bank

State Bank of India (SBI) a Fortune 500 company, is a Multinational, Public Sector Banking and Financial services statutory body headquartered in Mumbai. The rich heritage and legacy of over 200 years, accredits SBI as the most trusted Bank by Indians through generations, according to its official website.

Disclaimer

The stock has been picked from the brokerage report of Motilal Oswal. Greynium Information Technologies, the author, and the respective Brokerage House are not liable for any losses caused as a result of decisions based on the article. Goodreturns.in advises users to check with certified experts before taking any investment decision.