The country’s largest public sector bank SBI has released its first-quarter results. State Bank has made a profit of Rs 6,504 crore from April to June. It was Rs 4,189.34 crore in the same quarter last year. That is, the profit of the bank has increased by 55.25% on a yearly basis. Due to the rise in SBI shares, the market cap crossed Rs 4 lakh crore for the first time.
Interest earnings grew nearly 4%
According to the exchange filing, the operating profit of the bank also increased by 5% to Rs 18,975 crore from Rs 18,061 crore a year ago. The Bank’s Interest Earnings (NII) has grown by 3.74%. It stood at Rs 27,638 crore in the June quarter, as against Rs 26,641 crore in the year-ago quarter.
SBI’s other income also increased to Rs 11,802.7 crore from Rs 7,957.5 crore a year ago. Apart from this, the bank’s deposits have increased by 8.82%. Due to the rise in SBI shares, the market cap crossed Rs 4 lakh crore for the first time.
Record rise in bank shares
SBI’s stock is trading at Rs 462.40, up 3.57% on BSE. The stock also reached Rs 463.55 during trading, which is the highest level in one year. With the record rally, the market cap of the bank has also crossed Rs 4 lakh crore for the first time. Earlier, the market cap of HDFC Bank, ICICI Bank, and Kotak Mahindra Bank has crossed the Rs 4 lakh crore level.
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