SBI Ends Marginally Lower Post March Quarter Results
State Bank of India (SBI) shares witnessed profit-booking after soaring 12 per cent within a span of two trading sessions on the back of robust Q4 numbers. SBI shares had extended Friday's gains of 8 per cent by 4.7 per cent to an intra-day high of Rs 197.70 in early trading after the country's largest lender reported a four-fold jump in net profit for the quarter ended March 31 during market hours on Friday. However, SBI shares surrendered all their day's gains and settled marginally in the red at Rs 186.80, down 0.5 per cent.
SBI reported a net profit of Rs 3,580.81 crore for the quarter ended March 31, marking a jump of more than four times compared to its profit of Rs 838.40 crore in the corresponding period a year ago.
The stake sale in SBI Cards and Payment Services and SBI Life Insurance Company helped the bank record its highest ever net profit in 2019-20.
The bank's asset quality improved as gross non-performing assets as a percentage of total loans came in at 6.15 per cent in the fourth quarter of 2019-20, as against 9.94 per cent in the quarter ended December 31, and 7.53 per cent in the quarter ended March 31, 2019.
The BSE Sensex gave up most of its intra-day gains to end the session at 34,371, higher by 83 points or 0.2 per cent and the NSE Nifty settled at 10,167, up 25 points or 0.2 per cent.
