SBBJ shares surge 6.5% on smart Q2 earnings

Shares of State Bank of Bikaner & Jaipur (SBBJ) today surged 6.5 per cent after the bank reported 52.25 per cent jump in net profit for the second quarter ended September 30, 2015.
The stock climbed 6.57 per cent to settle at Rs 563.60 on BSE. During the day, it gained 9.1 per cent to Rs 577.
At NSE, shares of the company soared 6.39 per cent to close at Rs 564.40.
The company's market valuation rose by Rs 244.2 crore to Rs 3,945.20 crore.
SBBJ today reported 52.25 per cent jump in net profit at Rs 180.63 crore for the second quarter ended September 30. The bank clocked a net profit of Rs 118.64 crore in the July-September quarter of the previous fiscal.

Total income of the bank increased to Rs 2,620.34 crore for the second quarter of this fiscal, up 8.69 per cent from Rs 2,410.69 crore in the year-ago period.

The provisions and contingencies shares were trimmed for the quarter compared with the year-ago period as bad loans as a share of advances reduced.
On asset front, bank's gross non-performing assets (NPAs) or bad loans improved a little at 4.2 per cent of gross advances as of September 30, 2015 as against 4.24 per cent a year ago.
Net NPAs too decreased a tad at 2.15 per cent of net advances in the said quarter from 2.49 per cent a year ago.