SBI Share Price: Loan toh bhaga, par profit mein pressure! Q3 Results mein kya hua?

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AuthorAarav Shah|Published at:
SBI Share Price: Loan toh bhaga, par profit mein pressure! Q3 Results mein kya hua?
Overview

Toh bhai log, State Bank of India (SBI) ne apna December quarter (Q3 FY26) ka results declare kar diya hai. Loan book **13%** badh gayi hai, which is great! Lekin, profit growth thoda slow hai, lagbhag **4%** hi, kyunki company ne provisions mein zyada paisa side rakha hai.

Operational Strength Meets Provisioning Headwinds

SBI ka Q3 FY26 ka result aa gaya hai, aur numbers mix hain. Ek taraf toh inki loan book 13% tak badh gayi hai year-on-year, jo ki kaafi solid growth hai, bank sector mein sabse aage.

Lekin, asli masala hai net profit mein. Woh sirf 4% ke aas-paas badhne ki umeed hai. Iska reason hai provisions. Company ne is quarter mein zyada paisa provisions ke liye rakha hai. Ab yeh provisions kyun badhe? Pichhle saal ke December quarter (Q3 FY25) mein provision ka base bahut low tha kyunki ek COVID-related account settle ho gaya tha. Isliye, is baar numbers comparison mein high lag rahe hain.

Achhi baat yeh hai ki operating profit, yaani PPoP (Pre-Provision Operating Profit), 18-19% badha hai. Yeh expenses control mein rakhne aur other income ke chalte hua hai. Net Interest Income (NII) bhi 8% badhne ka hai, aur Net Interest Margins (NIMs) stable rehne ki ummeed hai.

Peer Comparison and Market Context

Agar peers se compare karein toh SBI ka 13% loan growth achha hai. Indian Bank ne 14.5% advance growth dikhaya, Bank of Baroda ne bhi stable performance diya. Pure banking sector mein loan growth toh badh raha hai, lekin deposit growth par bhi pressure hai.

RBI ne rates stable rakhe hain, toh NIMs par zyada pressure nahi aayega. Analysts ko lagta hai NIMs 3.1% ke aas-paas reh sakte hain. Asset quality bhi theek hai, Gross NPAs kam ho rahe hain, jo puri banking sector ke liye good news hai.

Valuation and Investor Focus

Ab valuation ki baat karein toh SBI ka P/E ratio 11.36x se 12.6x ke beech hai, jo industry average ke aas-paas hai, lekin public sector banks se thoda zyada. Market cap bhi kaafi bada hai, lagbhag ₹9.52 lakh crore se ₹9.90 lakh crore.

Results se pehle stock mein thoda girawat thi, 0.70% down tha. Lekin pichhle 6 mahine mein stock ne 32% tak ka return diya hai. Analysts ke price targets ₹1,051 se ₹1,112 tak hain, jisse lagta hai ki zyada upside abhi nahi hai. Market ne kaafi growth pehle hi price in kar liya hai.

Market participants management se FY26 ke liye loan growth guidance par update, asset quality trends aur interest rate environment mein margin strategy ko lekar comments sunna chahenge. Haalanki kuch analysts 'Buy' rating de rahe hain, par valuation ko lekar thoda caution hai.

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