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SBI share price climbs 9% post four-fold rise in Q4 net profit

Share price of SBI ended 7.90% or 13 points higher to Rs 187.80 compared to the previous close of Rs 174.05 on BSE

twitter-logoBusinessToday.In | June 5, 2020 | Updated 17:06 IST
SBI share price rises 9% post four-fold rise in Q4 net profit
SBI share price has lost 46.7% in last one year and fallen 43.72% since the beginning of this year. In one week, the stock has gained 17.16%.

SBI share was among the top Sensex and Nifty gainers today after the country's largest lender reported over four-fold jump in standalone net profit for March quarter 2019-20. Share price of SBI ended 7.90% or 13 points higher to Rs 187.80 compared to the previous close of Rs 174.05 on BSE. On NSE, the stock rose up to 8.73% to Rs 189.25 against previous close of Rs 174.05. SBI share hit intra day high of Rs 189.8, a rise of 9.05% after the lender reported strong Q4 earnings.

The share stands higher than 5 day, 20 day and 50 day moving averages but lower than 100 day and 200 day moving averages. However, SBI stock has lost 46.7% in last one year and fallen 43.72% since the beginning of this year. In one week, the stock has gained 17.16%.

SBI stock has a outperform rating as on June 5, 2020. Of 46 analysts covering the stock, 40 have buy or outperform rating,  four recommend hold, one underperform and one sell, according to  Reuters.

Market cap of the lender rose to Rs 1.67 lakh crore on BSE. The large cap stock hit its 52 week high of Rs 373.70 on July 8, 2019 and 52 week low of Rs 149.55 on May 22 , 2020.

SBI FY20 result: Profit rises to Rs 18,176 cr on one-time gain from SBI Card IPO proceeds

SBI reported standalone net profit of Rs 3,580.81 crore for March quarter 2019-20 against profit of Rs 838.4 crore during January-March period of 2018-19. Net income during March quarter rose to Rs 76,027.51 crore from Rs 75,670.5 crore in the same period of 2018-19, SBI said. On the asset front, gross non performing assets (NPAs) of the bank improved at 6.15 per cent of gross advances as on March 31, 2020 as against 7.53 per cent by the same period of 2019.

Net NPA or bad loans stood at 2.23 per cent as on March 31, 2020 as compared to 3.01 per cent by the year-ago same period. In a related development, the lender's board will meet on June 11 to consider raising funds in single or multiple tranches of up to $1.5 billion. India's biggest lender said it will raise the funds in FY21 through a public offer, a private placement of senior secured notes in the US dollar or any other convertible currency.

"To examine the status and decide on long term fund raising in single/multiple  to US$ 1.5 Billion (US$ One and a Half Billion) under Reg-S/144A, through a public offer and/or private placement of senior unsecured notes in US Dollar or any other convertible currency during FY 2020-21," SBI said in a regulatory filing.

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