SBI reports six-fold rise in Q2 profit to Rs 3,375 crore; stocks surge

Shares of State Bank of India jumped over 8% on Friday after the company reported nearly a six-fold jump in its consolidated net profit for the second quarter ended September 30. The scrip zoomed 8.10 per cent to Rs 284 on the BSE. On the NSE, it climbed 8.24 per cent to Rs 284.15.

SBI reported nearly a six-fold jump in its consolidated net profit

The country's largest lender SBI on Friday reported nearly a six-fold jump in its consolidated net profit to Rs 3,375.40 crore for the second quarter ended September 30. The bank's net profit was Rs 576.46 crore in the July-September quarter of the previous fiscal.

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Asset quality of bank improved

Its total income of the entire SBI group rose to Rs 89,347.91 crore in the quarter under review, compared to Rs 79,302.72 crore in the year-ago period, State Bank of India (SBI) said in a regulatory filing. The asset quality of the bank improved with the gross non-performing assets (NPA) declining to 7.19% of the gross advances as on September 30, 2019, from 9.95% a year ago.

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