SBI shares rise nearly 2% on Q4 results
SBI shares rose by nearly 2% after its fourth quarter net profit more than doubled to ₹2,814.82 crore
New Delhi: Shares of State Bank of India (SBI) rose by nearly 2% Friday after its net profit more than doubled to ₹ 2,814.82 crore for the March quarter. The stock ended 1.72% higher at ₹ 308.15 on BSE.
During the day, it surged by 3.97% to 52-week high of ₹ 315 apiece. At NSE, shares of the bank went up by 1.66% to close at ₹ 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 ₹ 8,348.25 crore to ₹ 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 ₹ 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 ₹ 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 ₹ 10,484 crore from ₹ 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.
Unlock a world of Benefits! From insightful newsletters to real-time stock tracking, breaking news and a personalized newsfeed – it's all here, just a click away! Login Now!