From trading around Rs 20 in April 2000, the SBI stock is now hovering around Rs 528, as per the closing price on April 12
SBI, a Fortune 500 company, is an Indian multinational, Public Sector Banking and Financial services statutory body headquartered in Mumbai. The bank has diversified businesses through its various subsidiaries like SBI General Insurance, SBI Life Insurance, SBI Mutual Fund, SBI Card, etc.
The origin of the SBI goes back to the first decade of the 19th century with the establishment of the Bank of Calcutta on June 2, 1806. Three years later, the bank received its charter and was re-designed as the Bank of Bengal
It was the first joint-stock bank of British India sponsored by the Government of Bengal. The Bank of Bombay and the Bank of Madras followed the Bank of Bengal. These three banks remained at the apex of modern banking in India till their amalgamation as the Imperial Bank of India on January 27, 1921
In 1951, the All India Rural Credit Survey Committee recommended the creation of a state-partnered and state-sponsored bank by taking over the Imperial Bank of India, and integrating with it, the former state-owned or state-associate banks
An act was passed in Parliament in May 1955 and the State Bank of India was constituted on July 1, 1955
Later, the State Bank of India (Subsidiary Banks) Act was passed in 1959, enabling the State Bank of India to take over eight former state-associated banks as its subsidiaries
Shares of SBI ended 0.70% lower at Rs 528.25 on BSE on April 12. Market cap of the firm fell to Rs 4,71,442.63 crore.
SBI reported a 68 per cent year-on-year (YoY) jump in net profit at Rs 14,205.34 crore for the December quarter compared with Rs 8,431.88 crore in the same quarter last year.