SBI share price rose over 8% today after the public sector bank reported a nearly three-fold jump in its consolidated net profit to Rs 3,011.73 crore for the second quarter ended September 30 against Rs 944.87 crore in the corresponding quarter of the previous fiscal.
SBI share price zoomed 8.11% to Rs 284 compared to the previous close of Rs 262.70 on BSE. The stock was the top Sensex and Nifty gainer today.
On Nifty, the stock surged over 8% to Rs 284.15 compared to the previous close of Rs 262.50. SBI share price has gained 13.28% in last one year but lost 4.35% since the beginning of this year. The large cap stock hit a 52-week high of Rs 373.70 on July 18 this year and fell to 52-week low of Rs 244.35 on October 9, 2019.
The lender was among the top participants in terms of turnover on BSE today. Over 47.44 lakh shares saw 34,265 trades in transactions worth Rs 1,306 crore on BSE today.
The lender's net income stood at Rs 72,850.78 crore in the July-September quarter, up from Rs 66,607.98 crore. Net interest income climbed 17.67% to Rs 24,600.32 crore, from Rs 20,905.69 crore in the corresponding period last year.
On a consolidated basis, SBI reported a nearly six-fold jump in its consolidated net profit to Rs 3,375.40 crore for the second quarter ended September 30. The lender posted Rs 576.46 crore net profit in the July-September quarter of previous fiscal. Total income of the SBI group rose to Rs 89,347.91 crore in Q2, compared to Rs 79,302.72 crore in the year-ago period.
Asset quality of the bank improved with the gross non-performing assets (NPAs) falling to 7.19 per cent of the gross advances as on September 30, 2019, from 9.95 per cent a year ago.
Net NPAs or bad loans too declined to 2.79 per cent of the advances from 4.84 per cent in the year-ago period.