SBI Q4 results: The bank's asset quality improved to 6.15 per cent in the fourth quarter of 2019-20.
State Bank of India (SBI) shares extended Friday's gains by another 4 per cent after the country's largest lender reported a four-fold jump in net profit for the quarter ended March 31 during market hours on Friday. The shares of SBI touched an intra-day high of Rs 197.70, up 4.7 per cent in early trades, and at 10:25 am, the shares were trading at Rs 193.70, up by 3.1 per cent. The shares had surged more than 8 per cent in Friday's session to end at Rs 187.80.
SBI reported a net profit of Rs 3,580.81 crore for the quarter ended March 31, marking a jump of more than four times compared to its profit of Rs 838.40 crore in the corresponding period a year ago.
The stake sale in SBI Cards and Payment Services and SBI Life Insurance Company helped the bank record its highest ever net profit in 2019-20.
The bank's asset quality improved as gross non-performing assets as a percentage of total loans came in at 6.15 per cent in the fourth quarter of 2019-20, as against 9.94 per cent in the quarter ended December 31, and 7.53 per cent in the quarter ended March 31, 2019.
The BSE Sensex was trading higher by 520 points or 1.5 per cent at 34,805 and the NSE Nifty had gained 152 points or 1.5 per cent at 10,297, the time.
