Shares of SBI today surged 7 per cent after the company posted multi-fold jump in consolidated net profit for the second quarter ended on September 30. The stock soared 6.99 per cent to Rs 335.70 on BSE. At NSE, shares of the company jumped 6.71 per cent to Rs 334.75. The stock was the top performer among the bluechips on both the indices during afternoon trade. The country's largest lender SBI today posted multi-fold jump in consolidated net profit at Rs 1,840.43 crore for the second quarter ended on September 30, boosted by sale of its stake in SBI Life Insurance. Its profit was just Rs 20.70 crore during the same quarter of the last financial year. On standalone basis, SBI's profit declined by 37.9 per cent to Rs 1,581.55 crore, from Rs 2,538.32 crore on account of rise in bad loans. Total income on standalone basis increased to Rs 65,429.63 crore in July-September 2017 against Rs 50,742.9 crore in the same period a year ago, State Bank India said in a filing to stock exchanges. As of September 30, the bank's gross NPAs deteriorated to 9.83 per cent of gross advances, compared with 7.14 per cent year a year ago.
Similarly, the net NPAs rose to 5.43 per cent from 4.19 per cent.
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