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Shares of State Bank of India (SBI) hit a new record high of Rs 433.80 on the BSE, after they rallied 2 per cent in Tuesday s intra-day trade, surpassing its previous high of Rs 433.60 hit on May 28, 2021. The stock of the state-owned lender has outperformed the market in the past one month by surging 21 per cent after it reported another strong quarterly performance and showed further sequential improvement in assets quality and a rise in profitability in the March quarter (Q4FY21). In comparison, the S&P BSE Sensex was up 6.7 per cent during the period. Amid a sharp rally in the market price of the bank s stock, its market capitalisation is now just 4 per cent away from the momentous Rs 4-trillion mark. At 09:45 am, the stock stock was up 1.7 per cent at Rs 431.35 with a market capitalisation of Rs 3.85 trillion, BSE data shows. ....
India’s largest public sector bank State Bank of India (SBI) on Friday reported a standalone net profit of Rs 6,450.75 crore for quarter ended March 2021 (Q4FY21) aided by fewer provisions on bad loans. The lender’s PAT was 80.14 per cent higher than previous year’s profit of Rs 3,580.8 crore. On a quarterly basis, the bottom line expanded 24.14 per cent. SBI declared a dividend of Rs 4 per equity share for the financial year ended March 31, 2021. The date of payment of dividend is fixed on June 18, 2021. During the quarter under review, the Mumbai-based lender’s provisions and contingency fund dropped 18.11 per cent year-on-year (YoY) to Rs 11,051 crore, of which provision for NPA was Rs 9,914.23 crore, from Rs 13,495 crore set aside in Q4FY20. At the end of the fiscal year, SBI s Provision Coverage Ratio stood at 87.75 per cent relative to FY20 s 83.62 per cent. Sequentially, it rose 6.8 per cent from Rs 10,342.39 crore earmarked in the December quarter of FY21 (Q3F ....