SBI's stock price jumps 5%

7 Nov 2022 , 10:07 AM

As a result of the bank’s net profit rising 73.93% year-over-year (YoY) to Rs13,265 crore in the July-September quarter (Q2FY23), supported by an improvement in interest margins and a decrease in provisions for bad loans, shares of State Bank of India (SBI) reached an all-time high of Rs621.60 on the BSE on Monday. The largest lender in the nation reported a net profit of Rs7,627 billion in Q2FY22.

State Bank of India (SBI) shares reached a record high of Rs621.60 on Monday during intraday trading on the BSE after the bank’s net profit surged 73.93% year-over-year (YoY) to Rs13,265 crore in the July-September quarter (Q2FY23), supported by an improvement in interest margins and a decrease in provisions for bad loans. The largest lender in the nation reported a net profit for Q2FY22 of Rs7,627 crore.

SBI’s net interest income (NII) increased 12.83% YoY to Rs35,183 crore for the second quarter of FY23 from Rs31,184 crore in the prior quarter. It climbed 12.78% from Rs31,196 crore in Q1FY23 on a sequential basis. The bank’s Net Interest Margin (NIM) for domestic operations increased to 3.55 % from 3.50 % in Q2 FY22. It increased sequentially by 5 basis points from 3.23 % in Q1FY23.

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