SBI: Turning over a new leaf, poised to benefit from credit growth

Stress on the asset quality front is at a multi-quarter low; bank ups PCR to 90 per cent

The State Bank of India (SBI) stock has been a market outperformer on the day of its results on Thursday, which has been the trend for almost six quarters in a row.

The bank’s stock hit a fresh 52-week high of Rs 358 before closing 5.7 per cent up even as its numbers were below estimates. Net profit in Q3 declined by 7 per cent YoY to Rs 5,196 crore on the back of weak net interest income at Rs 28,820 crore, up 2.3 per cent YoY. Yet, if the Street rewarded the SBI stock, it perhaps took comfort from easing