SBI‘s share price was upbeat on Friday morning as several brokerages were impressed by the lender’s performance in the March quarter.

What Happened: SBI reported a significant 24% year-on-year increase in net profit to ₹20,698 crore for the quarter ended March, driven by robust demand for loans. This exceeded analyst estimates of ₹13,400 crore. The bank’s net interest income for the quarter rose to ₹41,655 crore, up 3.13% from ₹40,393 crore posted a year ago. SBI declared a final dividend of ₹13.70 per share for the year ending March 31.

Analyst Reactions: Nomura maintained its “buy” rating for the stock raising the price target to ₹1,000 from ₹825 previously. The brokerage said that the company posted all-round performance in the March quarter and raised its earnings per share estimates for SBI for financial years 2025 and 2026 by 15%.

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Jefferies has also maintained its “buy” rating on SBI and increased its price target to ₹980 from ₹810 previously. The research firm said that the loan growth of 15%-16% is better than most public banking peers.

Kotak Securities also has a “buy” rating for the stock with a target price of ₹950. The brokerage said that the public lender posted a 25% YoY earnings growth with steady loan growth and NIMs.

Emkay also maintained its “buy” rating for the stock with a price target of ₹950. The brokerage said that the bank posted a strong all-around show in the March quarter, with robust credit growth and healthy margins. The brokerage noted that the company’s net profit beat its estimates by 14%.

HDFC Securities also maintained its “buy” rating for the stock with a price target of ₹970. The analysts highlighted that the bank posted its best-ever quarterly profits on the back of strong fee income traction, healthy loan growth, and stable NIMs. The brokerage added that asset quality improved further with gross slippage run-rate moderating alongside strong recoveries.

Price Action: SBI’s share price was up 1.28% to trade at ₹830.30 as the markets opened on Friday.

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