New Delhi: Shares of State Bank of India(SBI) rose by nearly 2 per cent today after its net profit more than doubled to Rs 2,814.82 crore for the March quarter. The stock ended 1.72 per cent higher at Rs 308.15 on BSE.
During the day, it surged by 3.97 per cent to 52-week high of Rs 315 apiece. At NSE, shares of the bank went up by 1.66 per cent to close at Rs 308. "During the day SBI stood tall on our earnings expectations and reported strong set of numbers in Q4 FY17," Foram Parekh, Research Analyst at Bonanza Portfolio Ltd, said.
The company's market valuation rose by Rs 8,348.25 crore to Rs 2,49,905.25 crore. In terms of volume, 48 lakh shares of the company were traded on BSE and over 5 crore shares changed hands at NSE during the day.
Net profit of country's largest lender SBI more than doubled to Rs 2,814.82 crore for the March quarter as its net NPAs or bad loans narrowed to 3.7 per cent of total advances. The state-owned bank had in contrast registered standalone net profit of Rs 1,263.81 crore in the fourth quarter of the previous fiscal, 2015-16.
The standalone net profit of the bank in 2016-17 increased by 5.36 per cent to Rs 10,484 crore from Rs 9,951 crore in the previous financial year. Gross non performing assets for SBI Group increased to 9.04 per cent from 6.40 per cent while net NPAs rose to 5.15 per cent as against 3.73 per cent at the end of March 2016.
On standalone basis, gross NPAs rose from 6.5 per cent to 6.9 per cent for the quarter ended March. Net NPAs declined from 3.81 per cent to 3.71 per cent during the same period.