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News Topical, Digital Desk : Shares of State Bank of India (SBI) have seen a strong rally in recent days. SBI shares have risen more than 7% in the past month, and this momentum has helped the bank briefly surpass ICICI Bank to become the country's second most valuable bank after nearly six years.
According to stock market data, SBI's market capitalization reached ₹9.60 lakh crore at around 10:03 am on Tuesday (January 27), while ICICI Bank's market cap stood at ₹9.57 lakh crore. However, later in the day's trading, ICICI Bank again surpassed SBI. HDFC Bank remains at the top of this list, with a market cap of approximately ₹14.16 lakh crore.
What happened in the last few days?
- SBI shares had hit a record high of ₹1,055.35 on January 22, 2026. Today (January 27), SBI was trading 1% higher at ₹1,040.30, while ICICI Bank was down 0.33% at ₹1,338.90.
- SBI is up +6% in January 2026, while Sensex is down -4.2%.
- HDFC Bank fell by -7.2% and ICICI Bank by -0.30%.
- SBI has gained 31% in the past six months, while the Sensex has gained just 0.90%. HDFC and ICICI Bank have fallen -8.6% and -10.2%, respectively.
SBI surpassed ICICI Bank in market capitalization six years ago
. SBI had previously surpassed ICICI Bank in market capitalization on August 6, 2019. At that time, SBI's valuation was ₹2.69 lakh crore, while ICICI Bank's was ₹2.65 lakh crore. SBI's stock has outperformed private banks in recent months.
Why is SBI growing so rapidly?
- SBI Bank's business is growing steadily, particularly in retail, agriculture, and MSME loans.
The bank's asset quality is improving, and credit costs are decreasing. - The bank has given a target of 13-14% loan growth in FY26.
- Net interest margin (NIM) is expected to remain above 3%.
- Credit costs will remain at 40-50 basis points over the next 2-3 years, which could increase profits by 10% annually.
- ICICI Securities says that SBI is adding business worth ₹10 lakh crore every year and is growing 2-3% faster than GDP.
Read More: SBI shares surge, up 7%+ in 1 month, surpassing ICICI Bank after 6 years!
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