SBI Shares Fall Over 2% After Q4 Earnings; Mcap Declines Rs 11,021.89 Cr

Image Courtesy: Reuters

New Delhi: Shares of SBI, which posted an 83 percent jump in quarterly profit, fell more than 2 percent on Thursday amid profit booking by investors. The stock declined 2.11 percent to settle at Rs 574.15 apiece on the BSE. During the day, it went lower by 2.57 percent to Rs 571.40. It was the biggest laggard among the 30-share BSE Sensex firms.

On the NSE, it fell 1.69 percent to finish at Rs 576.35. The company's market valuation tumbled from Rs 11,021.89 crore to Rs 5,12,406.59 crore. ()

In volume terms, 17.83 lakh shares of the company were traded on the BSE and over 4.56 crore shares on the NSE during the day. The 30-share BSE Sensex fell 128.90 points or 0.21 percent to settle at 61,431.74. ()

"Indian markets were dragged as profit-booking emerged in SBI and ITC despite posting strong results. These stocks had already seen up move in anticipation of better numbers," Siddhartha Khemka, Head - Retail Research at Motilal Oswal Financial Services Ltd, said.

On Thursday, the country's largest bank SBI reported an 83 percent jump in net profit at Rs 16,694.51 crore for the fourth quarter of 2022-23 fiscal on higher interest income and low provisioning.

In the January-March quarter of the 2021-22 financial year, the State Bank of India's net profit on a standalone basis was Rs 9,113.53 crore. During the March quarter of the 2022-23 fiscal, the bank's interest income rose 31 percent to Rs 92,951 crore, SBI said in a regulatory filing.

Provisioning for bad loans and contingencies nearly halved to Rs 3,315.71 crore during the quarter, as against Rs 7,237.45 crore in the January-March period of 2021-22.

For the full 2022-23 fiscal, SBI's net profit increased 59 percent to Rs 50,232.45 crore. The profit in the 2021-22 fiscal was Rs 31,675.98 crore.