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• SBI breaks ICICI’s record
• SBI has a market cap of approximately Rs.10.50 lakhs
• SBI benefits from Indo-US agreement

SBI Share Market Cap: The deal between India and the US changed sentiment in Indian markets on Monday, and the stock market opened higher. Major market indices, Sensex and Nifty also remained in the green. But meanwhile, there was a big news to the banking sector. The country’s state-owned bank, SBI has once again set a new record by surpassing ICICI Bank. On the back of excellent quarterly results, the bank’s shares rose 6 per cent at market open today, taking its market cap to around 10.50 lakh. Which is more than ICICI crore.

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In this market boom, SBI became the most valuable bank in the country. It is followed by HDFC, which has a market cap of approximately Rs 14.44 lakh crore. The market cap of ICICI Bank is currently 9,99,069.47 crores. SBI shares are trading in the green. The state-owned bank’s stock is trading at around 1,136.10, up 6.54%. Its market cap has reached almost 10.50 lakh crores. On the other hand, ICICI Bank is under considerable pressure. Its stock is currently down 1.02% at 1,392.30. Last Friday, SBI announced its third quarter results. In that, SBI became the most important and largest bank in the banking sector.

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SBI has a strong network of around 23,000 branches across the country, which are being used to reach out to retail deposits directly. The impact of this is clearly visible in the data, where the bank reported a 14.5% growth in retail deposits. This growth reflects the franchise strength of the bank’s branches and customers.

SBI has managed its resource costs effectively, which has directly benefited margins. The bank said margin protection remained intact and the improvement was mainly due to control of resource costs. The removal of old tariff overhangs to trade with the US has made the agreement environment very positive. The details of the trade agreement show that many sectors will benefit from it. SBI believes efforts to maintain double digit corporate credit growth will continue.