SBI shares up over 2% on growth in Q2 net profit

Shares of SBI today rose by over 2 per cent, adding Rs 5,174.17 crore to its market valuation, after the company reported 30.5 per cent growth in net profit for the quarter ended September 30, 2014.
The stock gained 2.55 per cent to settle at Rs 2,788.45 on the BSE. During the day, it climbed 3.21 per cent to Rs 2,806.45.
At the NSE, it went up by 2.41 per cent to end at Rs 2,784.80.
SBI's market capitalisation (m-cap) shot-up by Rs 5,174.17 crore to Rs 2,08,178.17 crore.
In terms of volume, 7.35 lakh shares of the company changed hands at the BSE, while over 50 lakh scrips were traded at the NSE during the day.

"Among day's major market moving news, SBI's asset quality with respect to weak assets, a factor which market was looking out for, was stable with Q2 gross NPA at 4.89 per cent v/s 4.9 per cent quarter-on-quarter," said Hiren Dhakan, Associate Fund manager, Bonanza Portfolio Ltd.

"At the same time, net profit of State Bank of India jumped to Rs 3,100 crore in the quarter ended September 30," Dhakan said.
SBI today reported 30.5 per cent growth in net profit at Rs 3,100.41 crore for the quarter ended September 30.
The standalone net profit of State Bank of India (SBI) was Rs 2,375 crore in July-September quarter of 2013-14, it said in a filing to the BSE.

Provisioning against bad loans during the quarter stood at Rs 4,274 crore, up 41 per cent from Rs 3,029 crore in the September quarter of last fiscal.
Gross non-performing assets (NPA) as a percentage of total advances stood at 4.89 per cent at the end of September, lower than 5.64 per cent in the year-ago period. Net NPA was 2.73 per cent.