SBI shares rise by over 3% due to strong quarterly earnings

New Delhi:  Shares of State Bank of India on Monday rose by over three percent after the state-owned bank reported the highest-ever quarterly profit of Rs 13,265 crore for the second quarter of FY23. The stock rose by 3.44 percent to settle at Rs 614.20 apiece on the BSE. On the NSE, it climbed by 3.34 percent to stand at Rs 613.80 apiece. In terms of volume, 16.79 lakh shares were traded on the BSE and over 4.42 crore shares on the NSE during the day. The market valuation of State Bank of India (SBI) advanced from Rs 18,250.83 crore to Rs 5,48,149.65 crore. The 30-share BSE Sensex jumped by 234.79 points or 0.39 percent to stand at 61,185.15.

SBI posts highest-ever quarterly profit due to loan sales & increased interest income

On October 5, SBI posted the highest-ever quarterly profit at Rs 13,265 crore, up 74 percent year-on-year, for the September quarter of FY23, buoyed by robust loan sales, higher interest income and lower provisions. The country's largest lender had earned a profit of Rs 7,627 crore in the same quarter a year ago.

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The public sector lender's total income increased to Rs 88,734 crore during the quarter under review from Rs 77,689.09 crore in the September quarter of last fiscal. On a consolidated basis, SBI Group reported a 66 percent surge at Rs 14,752 crore for the second quarter that ended on September 30 as against Rs 8,890 crore in the second quarter of previous fiscal. The total income of the SBI group rose to Rs 1,14,782 crore in the quarter under review, compared to Rs 1,01,143.26 crore in the year-ago period.

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