SBBJ hits 52-week high after decent Q1 numbers

State Bank of Bikaner & Jaipur rose 2.58% to Rs 684.95 at 14:11 IST on BSE after net profit rose 14.43% to Rs 214.59 crore on 10.04% growth in total income to Rs 2409.80 crore in Q1 June 2014 over Q1 June 2013.

The Q1 result was announced during market hours today, 24 July 2014.

Meanwhile, the S&P BSE Sensex was up 7.41 points or 0.03% at 26,154.74.

On BSE, so far 86,000 shares were traded in the counter as against average daily volume of 32,037 shares in the past one quarter.

The stock hit a high of Rs 707 so far during the day, which is a 52-week high for the counter. The stock hit a low of Rs 660 so far during the day. The stock had hit a 52-week low of Rs 281.90 on 4 March 2014.

The stock had outperformed the market over the past one month till 23 July 2014, surging 26.3% compared with the Sensex's 4.46% rise. The scrip had also outperformed the market in past one quarter, advancing 90.68% as against Sensex's 14.3% rise.

The mid-cap company has equity capital of Rs 70 crore. Face value per share is Rs 10.

State Bank of Bikaner & Jaipur (SBBJ)'s ratio of gross non-performing assets (NPA) to gross advances stood at 3.6% as on 30 June 2014 as against 4.18% as on 31 March 2014 and 3.88% as on 30 June 2013. The ratio of net NPA to net advances stood at 2.14% as on 30 June 2014 as against 2.76% as on 31 March 2014 and 2.27% as on 30 June 2013.

SBBJ's provisions and contingencies rose 22.44% to Rs 198.64 crore in Q1 June 2014 over Q1 June 2013.

SBBJ's provision coverage ratio (PCR) to gross NPA of the bank (including AUCA) as on 30 June 2014 is 60.13%.

The bank's Capital Adequacy Ratio (CAR) as per Basel III norms stood at 11.23% as on 30 June 2014 as against 11.55% as on 31 March 2014 and 11.6% as on 30 June 2013.

SBBJ said that provision of Rs 29 crore has been made during the quarter towards arrears for wage revision, which will be effective from 1 November 2012, pending negotiation by IBA. The bank has made provision of Rs 179.70 crore on ad-hoc basis up to 30 June 2014.

State Bank of Bikaner & Jaipur is an affiliate of State Bank of India (SBI), which is India's biggest commercial bank in terms of branch network. SBI holds 75.07% stake in State Bank of Bikaner and Jaipur (as per the shareholding pattern as on 30 June 2014).

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