State Bank shares jump over 6 pc; mcap zooms Rs 17,179 cr

Shares of State Bank of India SBI on Thursday jumped over 6 per cent after the companys asset quality improved substantially in December quarter.The stock rose 5.73 per cent to close at Rs 355.10 on BSE.

Shares of State Bank of India (SBI) on Thursday jumped over 6 per cent after the company's asset quality improved substantially in December quarter.

The stock rose 5.73 per cent to close at Rs 355.10 on BSE. During the day, it zoomed 6.59 per cent to its 52-week high of Rs 358.

On NSE, it gained 6.55 per cent to settle at Rs 357.95.

Its market valuation gained Rs 17,179.96 crore to Rs 3,16,912.96 crore on BSE. On the traded volume front, 65.26 lakh shares were traded on BSE and over 14.52 crore on NSE.

SBI on Thursday posted a nearly 7 per cent fall in its standalone net profit at Rs 5,196.22 crore for the third quarter ended December.

The bank had posted a net profit of Rs 5,583.36 crore in the October-December period of the previous fiscal.

Total income (standalone) also fell marginally to Rs 75,980.65 crore during Q3FY21, as against Rs 76,797.91 crore in the same period of 2019-20, SBI said in a regulatory filing.

On a consolidated basis, the bank posted a 5.8 per cent fall in net profit at Rs 6,402.16 crore during the quarter under review, as against Rs 6,797.25 crore in the year-ago period.

The bank's asset quality improved substantially as the gross non-performing assets fell to 4.77 per cent of the gross advances as of December 31, 2020, from 6.94 per cent in the corresponding period a year ago.

In value terms, the gross NPAs or bad loans stood at Rs 1,17,244.23 crore, as against Rs 1,59,661.19 crore.

Likewise, the net NPAs were down 1.23 per cent at Rs 29,031.72 crore, as against 2.65 per cent (at Rs 58,248.61 crore).