SBI rebounds 5% from low post Q1 results; market-cap crosses Rs 4-trillion

State Bank India (SBI) has joined the elite club of companies with Rs 4-trillion in market capitalization (market-cap) on the BSE, after its share price hit a new high of Rs 463.55, up 4 per cent in intra-day trade on Wednesday after the lender announced of its April-June 2021 quarter (Q1FY22) results. The stock of the country’s largest state-owned lender rebounded 5 per cent from its day's low of Rs 441.50.

The surge in the stock price of SBI has made the state-owned lender the fourth bank - after HDFC Bank, ICICI Bank and Kotak Mahindra Bank - to achieve this milestone of Rs 4-trillion in market-cap. At 02:07 pm; the stock was traded 3.6 per cent higher at Rs 462, with the market-cap of Rs 4.13 trillion and stood at eighth position in overall market-cap ranking, the BSE data showed.

In Q1FY22, SBI has registered its highest quarterly net profit of Rs 6,504 crore, a growth of 55.25 per cent on year on year (YoY) basis. It had posted profit of Rs 4,189 crore in a year ago quarter (Q1FY21). On sequential basis, the net profit grew 0.83 per cent from Rs 6,451 crore in March 2021 quarter (Q4FY21). The bank said slippages sttod at Rs 15,666 crore (2.47 per cent) in the June 2021 quarter, of which a significant amount has already been pulled back in July 2021.

On the revenue front, the state-owned lender reported lower-than-expected net interest income (NII) of Rs 27,638 crore, up 3.7 per cent YoY from Rs 26,641.6 crore earned in Q1FY21. On a quarterly basis, the income rose 2.1 per cent from Rs 27,067 crore reported in Q4FY21. CLICK HERE FOR A DETAILED RESULTS NOTE

The country’s largest state-owned bank’s asset quality worsened sequentially amid the second wave of Covid-19 pandemic.  Its gross non-performing asset (GNPA) ratio stood at 5.32 per cent at the end of Q1FY22, compared with 4.98 per cent at the end of Q4FY21. In Q1FY21, the same was 5.44 per cent. Net NPA, on the other hand, was 1.77 per cent at the end of June, 2021, relative to 1.50 per cent at the end of Q4FY21 and 1.86 per cent on Q1FY21.