SBI breaks into $100 bn mcap club

After hitting $100 billion in market capitalisation (mcap) on Thursday, India's largest lender State Bank of India has now set its eye to break into the league of top 10 global banks, SBI Chairman C S Setty said.

On Thursday, the market value of SBI on Thursday surpassed the $100 billion mark for the first time.

Share of the public sector lender ended at a record high of Rs 960.75, up 0.4 per cent over its previous close, days after it reported healthy July-September (Q2 FY26) earnings with better than expected growth in core income, sequential improvement in net interest margin and improved asset quality.

During Q2 FY26, SBI -- which is ranked 43 in the list of top global banks in terms of assets by S&P Global Ratings -- surpassed the Rs 100 trillion business mark, the first by any Indian bank.

SBI is the only Indian bank in the top 50 list.

Speaking at the two day SBI Economic Conclave, Setty said the lender discussed entering the $100 billion m-cap ambition shortly after it recorded its first loss in 2018.

"In 2018, the year when SBI posted a loss, for the first time in history. We had a conference in Kolkata. The conference theme was how do you reach $100 billion market capitalisation," Setty recollected.

Commenting that it is very important to have a couple of banks in the world's top 20, the SBI chairman said, "We have a very large Indian, domestic market which we are serving efficiently. But to be recognised for our work to be in the top ten global banks in terms of market capitalisation is something we look forward to."

"Market capitalisation is a reflection of a combination of factors of what you are doing right. From an institutional point of view, from stakeholders point of view, global recognition is equally important," he said.

When asked about the timeline for this goal, he said, "There is no specific timeline but ideally, we should be there by even before 2030."

At Thursdays closing price, SBI is valued at Rs 8.86 trillion ($100 billion), making it the countrys sixth most valuable company. Shares of SBI are up 21 per cent this year.

Besides SBI, HDFC Bank and ICICI Bank are the only two lenders in the $100-billion-plus club. ICICI Bank hit the milestone in June 2024, while HDFC Bank in July 2023. 

-- Business Standard