Latest News | State Bank of India Shares Jump Nearly 2 Pc After Q2 Earnings

New Delhi, Nov 3 (PTI) Shares of State Bank of India on Wednesday gained nearly 2 per cent after the company reported a 69 per cent jump in consolidated net profit for the second quarter ended September.

The stock jumped 1.14 per cent to close at Rs 527.65 on BSE. During the day, it gained 3.92 per cent to reach its 52-week high of Rs 542.20.

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On NSE, it went higher by 1.76 pe cent to close at Rs 530.90.

In volume terms, 35.91 lakh shares were traded on BSE and over 8 crore on NSE.

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The country's largest lender on Wednesday reported a 69 per cent jump in consolidated net profit to Rs 8,889.84 crore for the second quarter ended September 30, mainly due to a decline in bad loans.

The bank's net profit was Rs 5,245.88 crore in the July-September quarter of the previous fiscal, SBI said in a regulatory filing.

The total income of the SBI group rose to Rs 1,01,143.26 crore in the quarter under review, compared to Rs 95,373.50 crore in the year-ago period.

On a standalone basis, the bank's net profit rose 67 per cent to Rs 7,627 crore against Rs 4,574.16 crore.

Asset quality of the bank improved with the gross non-performing assets (NPAs) declining to 4.90 per cent of the gross advances as of September 30, 2021, from 5.28 per cent a year ago.

(The above story is verified and authored by Press Trust of India (PTI) staff. PTI, India’s premier news agency, employs more than 400 journalists and 500 stringers to cover almost every district and small town in India.. The views appearing in the above post do not reflect the opinions of LatestLY)