SBI Profit Jumps 67% To Rs 7,627 Crore In September Quarter, Shares Hit Record High
NDTV
State Bank of India's provisioning for bad loans, declined 46 per cent sequentially to Rs 2,699 crore from Rs 5,030 crore in the previous quarter.
Shares of the country's largest lender - State Bank of India surged as much as 4 per cent to hit record high of Rs 542 after it reported highest -ever quarterly profit in September quarter. SBI's net profit in second quarter of the current financial year jumped 67 per cent to Rs 7,627 crore from Rs 4,574.16 crore during the same quarter last year. Sharp increase in net profit in September quarter came on account of steep decline in provisioning for bad loans and uptick in asset quality.
The bank's earnings were better than estimates as analysts polled by Reuters expected SBI to report net profit Rs 7,182 crore.
The Mumbai-based lender's provisioning for bad loans, declined 46 per cent sequentially to Rs 2,699 crore from Rs 5,030 crore in the previous quarter. On an annual basis, its provisions more than halved from Rs 5,619 crore.
State Bank of India's net interest income or the difference between interest earned on loans and interest expended on deposits jumped 11 per cent to Rs 31,184 crore from Rs 28,181 crore.
