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SBI share price rises 5% on stellar Q1 earnings

BusinessToday.In     July 31, 2020

State Bank of India (SBI) shares rose almost 5% on Friday after the lender reported stellar earnings for the quarter ended June.

The lender reported a 81.2% growth in its standalone profit at Rs 4,189.34 crore in Q1FY21 against Rs 2,312.2 crore profit in the previous quarter an year ago.

Company's Net interest income, the difference between interest earned and interest expended, came 16.1% higher YoY at Rs 26,641.56 crore, compared to Rs 22,938.8 crore in the year-ago period.

Following the result update, State Bank of India shares gained 4.8% to the intraday high of Rs 194.90 on BSE against the earlier close of Rs 186.55. Later, the large cap stock ended 2.63% higher at Rs 191.45 on BSE.

The stock also hit an intraday low of Rs 186.85 during today's session, after opening at Rs 186.55. The stock price of the lender has risen 3.6% in one month.

SBI stock stands higher than 5, 20, 50 and 100-day but lower than 200-day moving averages. Market capitalisation of the firm stood at Rs 1,70 lakh crore as of today's session.

SBI also reported a one-time gain of Rs 1,539.7 crore this quarter. Lender registered a sharp decline in fresh slippages at Rs 3,637 crore in Q1FY21, compared to Rs 8,101 crore in Q4FY20.

SBI's provisions and contingencies stood at Rs 12,501.3 crore, rising 36.1% YoY, including an additional provision of Rs 1,836 crore on account of COVID-19 related accounts. Provisions were down 7.4% QoQ.

SBI Q1 results: Profit rises 81% to Rs 4,189 crore, NII stands at Rs 26,641.6 crore

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