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SBI hits two-year high as Q4 results beat forecast

The stock moved higher by 3.6% to Rs 314, its highest level since March 4, 2015 on BSE.

SI Reporter  |  Mumbai 

SBI, state bank, state bank of India, bank
State Bank of India

Shares of (SBI)  moved higher by 3.6% to Rs 314, its highest level since March 4, 2015 on BSE, after the state-owned bank reported a better than expected results for the fourth quarter ended March 2017 (Q4FY17).

The bank more than doubled its standalone net profit at Rs 2,815 crore in Q4FY17 against Rs 1,264 crore in the same quarter last fiscal.

Net interest income (interest earned minus interest expended) rose 17% to Rs 18,071 crore in Q4FY17, as compared to Rs 15,401 crore in the corresponding quarter of previous year.

Analysts on an average had expected a profit of Rs 2,754 crore and net interest income of Rs 15,025 crore for the quarter.

The bank’s asset quality improved sequentially as well as on yearly basis.

The gross non-performing assets (NPAs) as percentage of total advances in Q4FY17 came in at 6.90%, as compared to 7.23% in Q3FY17 quarter and 6.50% in Q4FY16.

Net NPA ratio stood 3.71%, as compared with 4.24% in the third quarter. It was 3.81% in previous year quarter.

The central board of the bank has declared a dividend of Rs 2.60 per share (260%) for the financial year ended March 31, 2017.