SBI shares were trading flat on the bourses ahead of the Q2 earnings announcement scheduled during the day. At 12:25 pm, the shares of the country’s leading bank were trading virtually unchanged at Rs 204.95, up 0.07 per cent, on the BSE. The shares have touched an intra-day high of Rs 206.45 and a low of Rs 202.40 thus far.
The country’s largest lender by assets – State Bank of India – had reported 81 per cent annual increase in net profit to Rs 4,189.4 crore in quarter ended June 30, as against a net profit of Rs 2,312.20 crore in the same quarter last year. A gain of Rs 1,540 crore from selling a stake in unit SBI Life Insurance helped push SBI’s net profit during the previous quarter.
SBI’s net interest income or the difference between interest earned and interest expended rose 16 per cent to Rs 26,641.56 crore in the June quarter as against Rs 22,938.79 crore during the same quarter last year.
The bank’s asset quality improved in June quarter as its gross non-performing loans came in at Rs 1,29,660.69 crore as against Rs 1,49,091.85 crore in the previous quarter. As a percentage of total advances – Gross NPAs came in at 5.44 per cent versus 6.15 per cent in March quarter.
The BSE Sensex was at 40,616.49, higher by 360 points or 0.8 per cent and the NSE Nifty was at 11,914.10, up 99.45 points or 0.83 per cent at the time.