SBI beats estimates as its net profits rise 62%
State-owned State bank of India reported a 62% YoY growth of its net profits at Rs 8,431.9 crores, which was well above the estimated figure of Rs 7,957.4 crores. Such a sharp rise in profits of the lender was due to a 32.6% decline in its provisions, which was much lower than the estimated decline by analysts.
The Net Interest Income of the bank grew 6.5% YoY to Rs 30,687 crores, falling short of the estimated figure of Rs 31,115.3 crores. Its Net Interest Margin saw a 6 bps increment as it stood at 3.4%. The bank saw a credit growth of 8.5%. Its retail loans grew 14.6% during the quarter while its other loans segments also saw growth during the quarter. Its Gross and Net NPA saw a decline during the quarter as they stood at 4.5% and 1.34% respectively.
The stock has seen significant movement during the last two weeks as it rose over 6% in the last 2 weeks. On the last trading day 04/02/22, the share touched its lifetime high of Rs 546.40 per share. The share closed at Rs 530.30 per share on that day.
Highlight by Aman Agarwal.
