SBI Shares Surge over 1% Post Stellar Earnings; Market Cap Soars by ₹8,255 Crores

State Bank of India (SBI) shares surged after reporting an 18.18% growth in March quarter consolidated net profit to Rs 21,384.15 crore. The stock rose by 1.14% to Rs 819.65 on the BSE, with a market cap increase of Rs 8,255.27 crore to Rs 7,31,505.82 crore. SBI's standalone profit grew to Rs 20,698.35 crore, and consolidated net profit for FY23-24 increased by 20.55%. The bank's gross non-performing assets ratio improved to 2.24% as on March 31, 2024.

Shares of SBI on Thursday climbed over 1 per cent after the company reported 18.18 per cent growth in March quarter consolidated net profit.

The stock advanced 1.14 per cent to Rs 819.65 apiece on the BSE. During the day, it rallied 3.60 per cent to Rs 839.60.

On the NSE, it went up by 1.13 per cent to Rs 820 per share.

The company's market capitalisation (mcap) jumped Rs 8,255.27 crore to Rs 7,31,505.82 crore.

In volume terms, 11.77 lakh shares of the company were traded on the BSE and 492.90 lakh shares on the NSE during the day.

The country's largest lender SBI (State Bank of India) on Thursday reported an 18.18 per cent growth in March quarter consolidated net profit to Rs 21,384.15 crore as against Rs 18,093.84 crore in the year-ago period.

On a standalone basis, profit grew to Rs 20,698.35 crore from Rs 16,694.51 crore a year ago, the lender said in a regulatory filing.

Consolidated net profit in fiscal year 2023-24 was up 20.55 per cent to Rs 67,084.67 crore as against Rs 55,648.17 crore in FY23.

In Q4 FY24, total income rose to Rs 1.28 lakh crore from Rs 1.06 lakh crore in the year-ago period, while operating expenses grew at a relatively slower rate at Rs 30,276 crore from the year-ago period's Rs 29,732 crore.

The overall provisions nearly halved to Rs 1,609 crore from Rs 3,315 crore in the year-ago period.

There was an improvement in gross non-performing assets ratio to 2.24 per cent as on March 31, 2024, as against 2.78 per cent in the year-ago period and 2.42 per cent at the end of December quarter.

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