State Bank of India (SBI) share price rose 7 percent on June 5 after the lender posted strong numbers in the March quarter.
The company reported a standalone profit of Rs 3,580.81 crore against a profit of Rs 838.4 crore. Net interest income declined 0.8 percent year-on-year to Rs 22,766 crore due to a moderate loan growth at 6.4 percent.
Net profit included Rs 2,731.34 crore on sale of a certain portion of investment in the subsidiary SBI Cards and Payment Services.
Asset quality improved in the quarter. Gross non-performing assets (NPAs) as a percentage of gross advances declined 42 basis points sequentially to 2.23 percent and net NPAs dropped 79 basis points QoQ to 6.15 percent during the quarter.
At 1454 hours, SBI was quoting at Rs 187.20.60, up Rs 13.15, or 7.56 percent on the BSE.
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