State Bank of India shares extend gains for 3rd straight day after Q4 results

State Bank of India hit a 52-week high of ₹839.65 per share on the NSE in its second day of gains on Thursday. The stock finally settled at ₹819.80 per share, up 1.1%, on the NSE.

The stock opened higher on Friday and rose further by 1.49% to hit a high of ₹832.05 on NSE in morning deals. More than 1.19 crore shares of the company changed hands on the bourse.

SBI shares have been on a rise since May 8 gaining more than 3% amid its release of the quarterly and yearly financial results.

SBI beat street estimates on Q4 results

The country’s largest lender on Thursday reported nearly 24% year-over-year growth in standalone net profit for the March quarter of FY24 to ₹20,698 crore compared to ₹16,694 crore in the March quarter of FY 2022-23. The bank reported a standalone net profit of ₹9,164 crore for the December quarter.

SBI’s net interest income (NII) rose around 3% to ₹41,656 crore in the March quarter compared to ₹40,392.5 crore in the same quarter of previous year.

Asset quality also improved during the last quarter of FY24 with Gross NPA falling by 2.9% while Net NPA declining by 6.1% QoQ.

The bank’s credit growth was at 15.24% YoY with domestic advances growing by 16.26% YoY.

Corporate advances and agri Advances cross ₹11 lakh crore and 3 lakh crore, respectively.

For the full fiscal, SBI posted a 20.47% jump in net profit to ₹68,138.26 crore in FY24 compared to ₹56,558.43 crore in FY23.

According to an SBI release, Net Interest Income rose by 10.38% in FY 2023-24. Its Operating Profit rose by 12.05% to ₹93,797 crore in FY24.

SBI board recommended a final dividend of ₹13.7 per equity share of the face value of ₹1 each for 2023-24. The record date is May 22 and the payment date is June 6.