Shares of State Bank of India (SBI) fell over 4 per cent after the lender reported a 41 per cent rise in Q4 net profit. However, the earnings missed street estimates, which expected the bank to report over 60 per cent rise in Q4 profit at 10,493 crores.
SBI stock fell 4.42 per cent to Rs 442 against the previous close of Rs 462.45 on BSE. The share also hit an intraday high of Rs 477, rising 3.15 per cent on BSE. SBI stock was the top Sensex loser today. On Nifty, the stock fell 4.79 per cent to Rs 440.50. SBI stock is trading lower than 5-day, 20-day, 50-day, 100-day and 200-day moving averages.
The large cap stock has lost 2.3 per cent since the beginning of this year and risen 22.29 per cent in one year. Market cap of the bank fell to Rs 3.93 lakh crore on BSE.
Total 21.61 lakh shares changed hands amounting to a turnover of Rs 100.24 crore on BSE. Banking stocks too ended in the red. Bank Nifty slipped 410 points to 33,121 and BSE bankex fell 498 points to 38,241 amid the ongoing volatility in broader markets.
The bank reported a 41.2 per cent jump in its standalone net profit at Rs 9,113.53 crore for the fourth quarter ended 31 March, 2022 against a net profit of Rs 6,450.75 crore in the year-ago period. The bank has logged its highest quarterly net profit in Q4FY22. Net profit for FY22 rose 55.19 per cent YoY to Rs 31,676 crore.
Income from interest on loans rose 8.6 per cent, while provisions for bad loans fell by two-thirds to Rs 3,262 crore, the bank said. The board of the lender cleared Rs 7.10 per share dividend. The record date for the purpose is May 26, 2022.
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