SBI shares rise nearly 2% on Q4 results
- Ahead of Gujarat election results, BJP MP predicts dismal performance for party
- California’s wildfire now ranks as state’s third-largest
- As bitcoin, other currencies soar, regulators urge caution
- Metlife says it failed to pay some pensions, flags hit to reserves
- Dharmendra Pradhan inaugurates Eastern India’s first CNG stations
New Delhi: Shares of State Bank of India (SBI) rose by nearly 2% Friday after its net profit more than doubled to Rs 2,814.82 crore for the March quarter. The stock ended 1.72% higher at Rs 308.15 on BSE.
During the day, it surged by 3.97% to 52-week high of Rs 315 apiece. At NSE, shares of the bank went up by 1.66% to close at Rs 308.
“During the day SBI stood tall on our earnings expectations and reported strong set of numbers in Q4 FY17,” Foram Parekh, Research Analyst at Bonanza Portfolio Ltd, said.
The company’s market valuation rose by Rs 8,348.25 crore to Rs 2,49,905.25 crore. In terms of volume, 48 lakh shares of the company were traded on BSE and over 5 crore shares changed hands at NSE during the day.
Net profit of country’s largest lender SBI more than doubled to Rs 2,814.82 crore for the fourth quarter as its net NPAs or bad loans narrowed to 3.7% of total advances.
The state-owned bank had in contrast registered standalone net profit of Rs 1,263.81 crore in the fourth quarter of the previous fiscal, 2015-16. The standalone net profit of the bank in 2016-17 increased by 5.36% to Rs 10,484 crore from Rs 9,951 crore in the previous financial year.
Gross non performing assets for SBI Group increased to 9.04% from 6.40% while net NPAs rose to 5.15% as against 3.73% at the end of March 2016.
On standalone basis, gross NPAs rose from 6.5% to 6.9% for the quarter ended March. Net NPAs declined from 3.81% to 3.71% during the same period.