State Bank of India shares jump over 6%; m-cap rises by Rs 16,790 crore on July-Sep earnings

New Delhi: Shares of SBI on Friday soared over 6 percent, adding Rs 16,789.92 crore to market valuation, after the company posted multi-fold jump in consolidated net profit for the second quarter ended on 30 September. The stock jumped 6.20 percent to settle at Rs 333.20 on BSE. During the day, it surged 7.77 percent to Rs 338.15. At NSE, shares of the company advanced by 6.32 percent to close at Rs 333.55. Led by the rally in the stock, the company’s market valuation surged Rs 16,789.92 crore to Rs 2,87,619.92 crore.  In terms of equity volume, 76.46 lakh shares of the company were traded on BSE and over 8 crore shares changed hands at NSE during the day. The stock was the top performer among the bluechips on both the indices during the day. The country’s largest lender SBI today posted multi-fold jump in consolidated net profit at Rs 1,840.43 crore for the second quarter ended on 30 September, boosted by sale of its stake in SBI Life Insurance. Its profit was just Rs 20.70 crore during the same quarter of the last financial year. On standalone basis, SBI’s profit declined by 37.9 percent to Rs 1,581.55 crore, from Rs 2,538.32 crore on account of rise in bad loans. Total income on standalone basis increased to Rs 65,429.63 crore in July-September 2017 against Rs 50,742.9 crore in the same period a year ago, State Bank India said in a filing to stock exchanges. As of 30 September, the bank’s gross NPAs deteriorated to 9.83 percent of gross advances, compared with 7.14 percent year a year ago. Similarly, the net NPAs rose to 5.43 percent from 4.19 percent.