State Bank of India rose 8.39% to Rs 246 at 13:37 IST on BSE after the bank reported smaller-than-expected decline in net profit in Q1 June 2016 and also reported less than expected increase in bad loans.
Meanwhile, the BSE Sensex was up 260.60 points, or 0.94%, to 28,120.20.
On BSE, so far 94.47 lakh shares were traded in the counter, compared with average daily volume of 28.10 lakh shares in the past one quarter. The stock hit a high of Rs 247.70 and a low of Rs 224.40 so far during the day. The stock hit a 52-week high of Rs 287.90 on 18 August 2015. The stock hit a 52-week low of Rs 148.30 on 12 February 2016. The stock had underperformed the market over the past 30 days till 11 August 2016, falling 0.11% compared with 0.16% rise in the Sensex. The scrip had, however, outperformed the market in past one quarter, rising 22.68% as against Sensex's 9.30% rise.
The large-cap state-run bank has equity capital of Rs 776.28 crore. Face value per share is Re 1.
State Bank of India (SBI)'s net profit fell 31.72% to Rs 2520.96 crore on 9.38% rise in total income to Rs 48928.60 crore in Q1 June 2016 over Q1 June 2015. The bank's gross non-performing assets (NPAs) stood at Rs 101541.18 crore as on 30 June 2016 as against Rs 98172.80 crore as on 31 March 2016 and Rs 56420.77 crore as on 30 June 2015. The ratio of gross NPA to gross advances stood at 6.94% as on 30 June 2016 as against 6.50% as on 31 March 2016 and 4.29% as on 30 June 2015. The ratio of net NPA to net advances stood at 4.05% as on 30 June 2016 as against 3.81% as on 31 March 2016 and 2.24% as on 30 June 2015.
The bank's total provisions and contingencies rose 85.34% to Rs 7413.10 crore in Q1 June 2016 over Q1 June 2015. Provisions for non-performing assets jumped 88.76% to Rs 6339.56 crore in Q1 June 2016 over Q1 June 2015. Provision coverage ratio of the bank stood at 61.57% as on 30 June 2016.
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On a consolidated basis, SBI's net profit fell 77.81% to Rs 1046 crore on 9.90% rise in total income to Rs 69414.82 crore in Q1 June 2016 over Q1 June 2015.
SBI is India's biggest bank in terms of branch network. The Government of India currently holds 60.18% stake in SBI (as per the shareholding pattern as on 30 June 2016).
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