SBBJ jumps after strong Q4 earnings

State Bank of Bikaner & Jaipur rose 2.74% to Rs 349 at 14:53 IST on BSE after net profit jumped 33.32% to Rs 237.63 crore on 15.33% growth in total income to Rs 2453.94 crore in Q4 March 2014 over Q4 March 2013.

The Q4 result was announced during trading hours today, 23 April 2014.

Meanwhile, the S&P BSE Sensex was up 77.70 points or 0.34% at 22,836.07.

On BSE, so far 1.08 lakh shares were traded in the counter as against average daily volume of 14,000 shares in the past two weeks.

The stock hit a high of Rs 357.70 and a low of Rs 339 so far during the day.

State Bank of Bikaner & Jaipur (SBBJ)'s ratio of gross non-performing assets (NPAs) to gross advances increased to 4.18% as on 31 March 2014, from 3.97% as on 31 December 2013 and 3.62% as on 31 March 2013. The ratio of net NPAs to net advances increased to 2.76% as on 31 March 2014, from 2.44% as on 31 December 2013 and 2.27% as on 31 March 2013.

SBBJ's provisions and contingencies surged 44.17% to Rs 242.44 crore in Q4 March 2014 over Q4 March 2013. Provision coverage ratio (PCR) to gross NPAs of the bank (including AUCA) as on 31 March 2014 is 56.67%.

SBBJ's net profit rose 0.19% to Rs 731.69 crore on 9.97% growth in total income to Rs 9044.90 crore in the year ended 31 March 2014 (FY 2014) over the year ended 31 March 2013 (FY 2013).

SBBJ's board of directors at its meeting held today, 23 April 2014, declared interim dividend of Rs 14.30 per share for FY 2014.

State Bank of Bikaner and 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 31 March 2014).

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