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SBI share scales record high post Q1 earnings

SBI share scales record high post Q1 earnings

Buoyed by the earnings of country's largest lender, banking stocks closed higher today. In fact, top six Sensex gainers were from the banking counter

Before the earnings were announced, SBI share touched a record high of Rs 449.80 today. Before the earnings were announced, SBI share touched a record high of Rs 449.80 today.

State Bank of India (SBI) share hit all-time high after the lender reported a strong set of Q1 earnings today. SBI stock touched a record high of Rs 467.3, rising 4.67% against previous close on BSE.

SBI share stands higher than 5 day, 20 day, 50 day, 100 day and 200 day moving averages. The large cap stock has gained 66.35% since the beginning of this year and risen 138.48% in one year.

Market cap of the bank stood at Rs 4.07 lakh crore on BSE. Total 58.52 lakh shares changed hands amounting to turnover of Rs 266.18 crore on BSE.

Before the earnings were announced, SBI share touched a record high of Rs 449.80 today.

Also read: SBI stock hits all-time high ahead of Q1 earnings, here's what to expect

Buoyed by the earnings of country's largest lender, banking stocks closed higher today. In fact, top six Sensex gainers were from the banking counter.

HDFC (4.77%), Kotak Bank (3.74%), ICICI Bank (3.58%), SBI (2.37%) , HDFC BANK (2.12%)  and Axis Bank (2.04%) rose the most on the 30-stock index.

Banking stocks were the top sectoral gainers with their BSE index zooming 1,040 points to end at 41,014 against previous close of 39,973.

Bank Nifty ended 820 points higher at 36,028.

The market closed at record high after SBI announced its Q1 earnings.

Also read: Sensex closes at record high, Nifty crosses 16,250; banking shares lead gains

SBI posted a 55 per cent rise in standalone net profit at Rs 6,504 crore, led by a decline in bad loans.

The lender reported a net profit of Rs 4,189.34 crore in the April-June quarter of 2020-21.

Total income rose to Rs 77,347.17 crore in Q1 against Rs 74,457.86 crore in the same period a year ago.

Operating profit climbed 5 per cent to Rs 18,975 crore from Rs 18,061 crore in the April-June quarter of the previous fiscal. However, interest income declined marginally to Rs 65,564 crore against Rs 66,500 crore at the end of June 2020.

Net interest margin too fell to 3.15 per cent against 3.24 per cent at the end of first quarter of last year.

Gross non-performing assets (NPA) of the total advances declined to 5.32 per cent at June-end from 5.44 per cent at June-end last year.