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SBI shares up nearly 3% post March quarter results; market-cap rises by Rs 7,854 cr

New Delhi: Shares of SBI on Friday gained nearly 3 percent after the company reported a standalone net profit of Rs 838.40 crore in the fourth quarter of 2018-19 fiscal.

The scrip went up by 2.94 percent to close at Rs 308.05 on the BSE. During the day, it surged 3.82 percent to Rs 310.70.

It was the top gainer among the BSE's 30-front-line scrips.

At the NSE, shares rose 2.53 percent to close at Rs 306.90.

 SBI shares up nearly 3% post March quarter results; market-cap rises by Rs 7,854 cr

Representational image. Reuters

Led by the rise in the scrip, the company's market valuation jumped by Rs 7,853.66 crore to Rs 2,74,922.66 crore on the BSE.

In terms of volume, 36.16 lakh shares were traded on the BSE during the day, while 6.07 crore shares changed hands on the NSE.

The country's largest lender on Friday reported a standalone net profit of Rs 838.40 crore in January-March quarter as non-performing assets (NPAs) came down.

The state-owned lender had reported a net loss of Rs 7,718.17 crore during January-March quarter of 2017-18.

Income (standalone) during the March quarter rose by nearly 11 percent to Rs 75,670.50 crore as against Rs 68,436.06 crore in the same period of 2017-18, the bank said in a regulatory filing.

It witnessed improvement in its asset quality as gross NPAs reduced to 7.53 percent of gross advances at the end of March 2019 as against 10.91 percent at the end of March 2018.

Net NPAs or bad loans too trimmed down to 3.01 percent as against 5.73 percent.

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Updated Date: May 10, 2019 17:31:18 IST