SBI soars 5%, hits new high on strong Q2; brokerages retain 'Buy' on stock

SBI with its humongous size has reported consistently upbeat performance with this quarter seeing above par growth in earnings and return ratios, said analysts.

Shares of State Bank of India (SBI) hit a all-time high of Rs 621.60 on rallying 5 per cent on the BSE in Monday’s intra-day trade after the bank’s net profit soared 73.93 per cent year-on-year (YoY) to Rs 13,265 crore in the July-September quarter (Q2FY23), backed by improvement in interest margins and decline in provisions for bad loans. The country’s largest lender had posted a net profit of Rs 7,627 crore in Q2FY22.

SBI’s net interest income (NII) improved 12.83 per cent YoY to Rs 35,183 crore for Q2FY23, as against Rs 31,184 crore last year. On a