SBI shares climb 7.2% after bank reports nearly six-fold jump in profit in Q2; market-cap rises by Rs 16,868 cr

New Delhi: Shares of State Bank of India climbed 7.19 percent on Friday after the company reported a nearly six-fold jump in consolidated net profit for the second quarter ended 30 September.

The scrip zoomed 7.19 percent to close at Rs 281.60 on the BSE. During the day, it jumped 8.10 percent to Rs 284.

On the NSE, it spurted 7.56 percent to close at Rs 282.35.

Led by the jump in the company’s shares, its market valuation advanced Rs 16,868.06 crore to Rs 2,51,317.06 crore.

In volume terms, 55.52 lakh shares of the company were traded on the BSE and over 10 crore shares on the NSE during the day.

The country’s largest lender SBI on Friday reported a nearly six-fold jump in consolidated net profit to Rs 3,375.40 crore for the second quarter ended 30 September.

The bank’s net profit stood at Rs 576.46 crore in the July-September quarter of previous fiscal.

Total income of the entire SBI group rose to Rs 89,347.91 crore in the quarter under review, compared to Rs 79,302.72 crore in the year-ago period, State Bank of India (SBI) said in a regulatory filing.

The asset quality of the bank improved, with the gross non-performing assets (NPA) declining to 7.19 percent of the gross advances as on 30 September, 2019, from 9.95 percent a year ago.