The SBI results made investors silver in a single day. The bank’s standalone net profit jumped 80 per cent in the quarter ended March 2021.
SBI Q4 Results: The results of SBI, the country’s largest bank, made investors silver in a single day. The bank’s standalone net profit jumped 80 per cent in the quarter ended March 2021. This gave a strong boost to the bank’s shares and jumped over 5 per cent during the business session on 21 May. Due to this, investors’ wealth jumped by about Rs 14,771 crore in one day. At the end of trading, SBI shares closed at Rs 401.10, up 4.30 percent on the BSE. Bank shares had gained 5.16 per cent during the session. At the same time, SBI shares rose 5.05 per cent to close at Rs 404 on the NSE.
According to the stock exchange, the market cap of SBI increased by Rs 14,771.17 crore to Rs 3,57,966.17 crore on BSE. Talking about the trade volume, 94.17 lakh shares were traded on the BSE and over 19.28 crore shares on the NSE during the session.
SBI’s profits jumped 80%
SBI announced its March 2021 quarter results on Friday. The bank’s standalone net profit grew by 80 percent to Rs 6450.75 crore. The bank had a profit of Rs 3,580.8 crore in the same quarter of the previous financial year. Based on the December 2020 quarter, the bank’s profit has increased by 24.14 per cent. The profitability of the bank has increased by reducing the provisioning for bad loans. At the same time, net income grew by 19 percent to Rs 27067 crore from the bank’s interest in the January-March 2021 quarter, which was Rs 22,767 crore in the March 2020 quarter. The total income of the bank for the entire financial year was Rs 81,326.96 crore.
Bank’s NPA reduced
The asset quality of the bank has improved during the March quarter. The gross NPA ratio to the bank declined to 4.98 per cent in the March quarter, from 5.44 per cent in the previous quarter. At the same time, the net NPA ratio also came down to 1.5 percent, which was at 1.81 percent in the December quarter. The bank’s board has announced a dividend of Rs 4 per share for the financial year ended in March.