You are here: Home » Finance » News » Banks
Business Standard

State Bank of India shares continue to gain on improved asset quality

Shares of State Bank of India continued to rally on Friday, jumping over 11 per cent

Topics
sbi | Indian banking sector | public sector bank

Press Trust of India  |  New Delhi 

SBI
State Bank of India

Shares of State Bank of India continued to rally on Friday, jumping over 11 per cent after the company's asset quality improved substantially in December quarter.

The stock zoomed 10.69 per cent to close at Rs 393.05 on BSE. During the day, it jumped 14.99 per cent to Rs 408.35 -- its 52-week high.

On NSE, it gained 11.23 per cent to settle at Rs 395.

Shares of State Bank of India (SBI) had gained over 6 per cent on Thursday.

In the last two trading sessions, the company's market valuation has soared Rs 51,048.86 crore to Rs 3,50,781.86 crore on BSE.

on Thursday had posted a nearly 7 per cent fall in its standalone net profit at Rs 5,196.22 crore for the third quarter ended December.

The bank had posted a net profit of Rs 5,583.36 crore in the October-December period of the previous fiscal.

Total income (standalone) also fell marginally to Rs 75,980.65 crore during Q3FY21, as against Rs 76,797.91 crore in the same period of 2019-20, said in a regulatory filing.

On a consolidated basis, the bank posted a 5.8 per cent fall in net profit at Rs 6,402.16 crore during the quarter under review, as against Rs 6,797.25 crore in the year-ago period.

The bank's asset quality improved substantially as the gross non-performing assets (NPAs) fell to 4.77 per cent of the gross advances as of December 31, 2020, from 6.94 per cent in the corresponding period a year ago.

In value terms, the gross NPAs or bad loans stood at Rs 1,17,244.23 crore, as against Rs 1,59,661.19 crore.

Likewise, the net NPAs were down 1.23 per cent at Rs 29,031.72 crore, as against 2.65 per cent (at Rs 58,248.61 crore).

(Only the headline and picture of this report may have been reworked by the Business Standard staff; the rest of the content is auto-generated from a syndicated feed.)

Dear Reader,


Business Standard has always strived hard to provide up-to-date information and commentary on developments that are of interest to you and have wider political and economic implications for the country and the world. Your encouragement and constant feedback on how to improve our offering have only made our resolve and commitment to these ideals stronger. Even during these difficult times arising out of Covid-19, we continue to remain committed to keeping you informed and updated with credible news, authoritative views and incisive commentary on topical issues of relevance.
We, however, have a request.

As we battle the economic impact of the pandemic, we need your support even more, so that we can continue to offer you more quality content. Our subscription model has seen an encouraging response from many of you, who have subscribed to our online content. More subscription to our online content can only help us achieve the goals of offering you even better and more relevant content. We believe in free, fair and credible journalism. Your support through more subscriptions can help us practise the journalism to which we are committed.

Support quality journalism and subscribe to Business Standard.

Digital Editor

First Published: Fri, February 05 2021. 19:44 IST
RECOMMENDED FOR YOU