How SBI is steadily catching up with HDFC Bank in the margin race
State Bank of India is in focus in a quarterly results development.
· LiveMint Companies
The difference between the net interest margins (NIMs) of India’s largest lender and its largest private lender has shrunk consistently over the years, data analysed by Mint showed.
The analysis
Against that, the stock is +1.8% on the day at ₹1,036.35, and has returned -7.4% over three months. It sits 16% below its 52-week high. The banks sector has moved -2.2% over the same period, so State Bank of India is running 5.2 points behind its peers.
For State Bank of India, the question is how much of this is already reflected in the price and how much re-rates the banks peer set alongside it.
Why it matters
- Earnings versus expectations is what actually re-rates a stock; the surprise matters more than the absolute number.
Market context
- In focus: State Bank of India (SBI) (SBIN), in Banks.
- On the day, 2 of 2 are higher: State Bank of India (SBI) leads at +1.8% and HDFC Bank trails at +1.0%.
- Over three months: State Bank of India (SBI) -7.4% against Banks -2.2% (5.2 points behind); HDFC Bank +7.3% against Banks -2.2% (9.5 points ahead).
| Company | Price | Day | 1M | 3M | From 52-wk high | Volume vs 20-day | Market cap |
|---|---|---|---|---|---|---|---|
| State Bank of India (SBI)SBIN · Banks | ₹1,036.35 | +1.8% | +8.1% | -7.4% | -15.6% | 1.4× | — |
| HDFC BankHDFCBANK · Banks | ₹795.85 | +1.0% | +13.3% | +7.3% | -21.2% | 1.2× | — |
Banks
1M +3.7% · 3M -2.2%
State Bank of India (SBI), HDFC Bank
Prices as of 9 Nov 2026, 12:09 IST. Sector moves are the average of the stocks we track in each sector.
In this story
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