Q1 Numbers Lift Sbi

Shares of State Bank of India (SBI) rose 2.61 per cent to Rs 232.45 following its impressive performance in the first quarter to June 30, 2002.

The stock of India's largest commercial bank recovered from an intra-day low of Rs 221.25, with 1.92 lakh shares changing hands.

Dealers said the gain in the stock is following the bank's outstanding performance despite the poor credit offtake in the economy.

As per market talk, public sector mutual funds had purchased some amount of SBI share in morning trades.

Yesterday, towards close, SBI unveiled its first-quarter results. For the first quarter ended June 30, 2002, SBI registered a 31.6 per cent rise in net profit to Rs 763.20 crore compared with Rs 579.78 crore in the corresponding period last year.

Total income increased 5.4 per cent to Rs 8,570.38 crore from Rs 8,131.89 crore in the June quarter of 2001.

The net profit met the higher side of analysts' expectations. capitalmarket.com polled four banking analysts and projected an 18-32 per cent growth in net profit to Rs 685 crore-Rs 765 crore.

Total income was projected at between Rs 8,131.89 crore and Rs 10,171 crore, a change of negative 1.64 per cent to positive 25 per cent.

In 15 sessions to date, the scrip lost 9.2 per cent from Rs 243.60 on July 10, 2002, to today's intra-day low of Rs 221.25.