SBI Share Price Target: Bank Reports Strong Q4- 'BUY, SELL, or HOLD'? Check Brokerage Insights

SBI Share Price Target: State Bank of India (SBI) has reported a standalone net profit of Rs 20,698 crore for the quarter ended March 31, 2024, marking a 24 per cent year-on-year (YoY) increase compared to Rs 16,694 crore reported in the corresponding period last year. This profit surpassed the Street estimate of Rs 16,695 crore. Soon after the announcement of Q4 results SBI share price on Thursday, 9 May went up nearly by 3 per cent reaching an intraday high at Rs 834.35 apiece on NSE. While on the BSE the backing stock has reached an intraday high at Rs 835.05 per share.

SBI Share Price Target 2024

SBI has reported a strong financial performance in Q4. The SBI share is trading near an all-time high at Rs 839 per share. Should the investors 'BUY, SELL or HOLD'. Here are brokerage insights on the largest public sector bank.

Kotak Securities On SBI Share Price Target

Kotak Securities has maintained a 'BUY' rating for the banking stock by hiking the SBI share price target to Rs 950 per share from 850 per share. The brokerage cited upward potential following strong Q4.

Nomura On SBI Share Price Target

Brokerage Nomura has maintained a 'BUY' rating for the public lender increasing the SBI share price target to Rs 1000 apiece from Rs 825 per share, following Q4 results.

Investec On SBI Share Price Traget

Stock brokerage Investec has maintained a 'BUY' rating for the banking stock increasing the SBI share price target to Rs 850 per share from 810, post Q4 results.

SBI Q4 Detailed Financial Performance

Interest earned during the reported quarter surged by 19 per cent YoY to Rs 1,11,043 crore, up from Rs 92,951 crore reported last year. Meanwhile, interest expended in the same quarter stood at Rs 69,387 crore, reflecting a significant 32 per cent increase compared to Rs 52,559 crore in Q4 FY23.

NII for the quarter reached Rs 41,655 crore, exhibiting a modest 3 per cent YoY growth from over Rs 40,393 crore reported previously. The operating profit for Q4 FY24 stood at Rs 28,748 crore, marking a notable 17 per cent increase.

Gross advances witnessed a robust 15 per cent YoY growth and a 5 per cent quarter-on-quarter (QoQ) increase to reach Rs 37,67,535 crore. Of these advances, domestic retail personal loans accounted for Rs 13,52,265 crore, reflecting a 15 per cent YoY increase. Notably, home loans disbursed amounted to Rs 7,25,818 crore, marking a 13 per cent YoY jump. On the other hand, deposits during Q4 stood at Rs 49,16,077 crore, showing an 11 per cent YoY and 3 per cent QoQ growth. Domestic CASA stood at Rs 19,41,996 crore, while domestic term deposits were at Rs 27,82,340 crore.

The gross non-performing asset (GNPA) for the reported quarter stood at Rs 84,276 crore, down 7 per cent YoY and 3 per cent QoQ. Meanwhile, the net NPA was reported at Rs 21,051 crore, reflecting a 2 per cent decrease on a YoY basis and a 6 per cent decrease QoQ.

Financial Year 2023-24 Highlights

In FY24, SBI reported a net profit of Rs 61,077 crore, marking a 22 per cent YoY improvement. The returns on assets (ROA) stood at 1.04 per cent, up by 8 basis points (bps) YoY, while the return on equity (ROE) was at 20 per cent, showing an 89 bps YoY increase. NII for FY24 reached Rs 1,59,876 crore, reflecting a 10 per cent increase over the last financial year. Additionally, the operating profit for the full financial year stood at Rs 93,797 crore, marking a 12.05 per cent uptick over the corresponding period in FY23.

SBI Q4 And Dividend Announcement

SBI declared a dividend of Rs. 13.70 per share for the financial year 2023-24, continuing its consistent track record of dividend declarations over the past five years.

SBI Dividend History

State Bank of India (SBI) stands as a stalwart with its consistent record of dividend declarations over the past five years. In 2021, two years ago, SBI declared a substantial dividend of 400 per cent on May 21, equating to Rs 4 per share. Prior to this, on May 19, 2017, the bank had announced a dividend of 260 per cent, equivalent to Rs 2.60 per share. Reflecting on 2016, SBI maintained its trend by declaring a dividend of 260 percent, or Rs 2.60 per share, on May 16. The preceding year, on May 22, 2015, shareholders were rewarded with a dividend of Rs 3.50 per share. In 2014, SBI declared a dividend of 150 per cent on May 14. The year prior, on May 14, 2013, the bank announced an impressive dividend of 415 per cent. Going back further, on May 12, 2012, SBI declared a dividend of 350 per cent, showcasing its commitment to rewarding shareholders consistently over the years.