State Bank of India (SBI) shares soared almost 5 per cent to touch 52-week highs of Rs 467 on the BSE in a strong market after the country’s leading lender reported jump in net profit in the June quarter. State Bank of India reported a 55 per cent rise in net profit to Rs 6,504 crore in the first quarter ended June 2021 compared to Rs 4,189.34 crore in the same quarter last year, boosted by higher other income and lower provisions for bad loans. At 2:55 pm, SBI shares were trading at Rs 462.05, up 3.49 per cent, on the BSE.
State Bank of India’s net interest income or the difference between interest earned on loans and interest expended on deposits advanced 3.74 per cent to Rs 27,638 crore in the quarter under consideration from Rs 26,641.56 crore in the corresponding period a year ago.
SBI’s other income jumped 48 per cent to Rs 11,803 crore and provisioning for bad loans declined 47 per cent to Rs 5,030 crore on a year-on-year basis.
The BSE Sensex was trading at 54,358.15, higher by 530.66 points or 0.98 per cent and the NSE Nifty was at 16,250.10, up 120.45 points or 0.75 per cent at the time.