SBI trades flat; underperforms in a firm market post mixed Q2 earnings

Thus far in the calendar year 2023, the stock has slipped 6 per cent, as against nearly 6 per cent rally in the Sensex.

Shares of State Bank of India (SBI) traded 0.43 per cent lower at Rs 576.65 on the BSE on Monday at 11:45 AM; in an otherwise firm market after the bank reported 8.03 per cent year-on-year (YoY) growth in net profit at Rs 14,330 crore for the quarter ended September 2023 (Q2FY24) on healthy net interest income (NII) and a decline in loan loss provisions. 

SBI net profit beat analysts estimates, aided by lower provisions even as bank made higher provisioning towards wage revisions.

The stock opened nearly 1 per cent higher at Rs 583 on the BSE. It hit a low