📈 SBI Share Price Soars Despite Market Downturn 📈
Over the past few days, the stock market has been experiencing a continuous downturn, causing investors to lose billions of rupees. Listed companies, including State Bank of India, have collectively lost 12 lakh crore rupees by May. However, SBI has managed to make a significant leap amidst the market turmoil.
🏦 SBI announced its quarterly results for January-March at a time when the market was witnessing a major decline. The bank’s net profit surged by 24% to reach 20,698 crore rupees, compared to a loss of 16,694 crore rupees last year. In addition, the bank’s board of directors declared a dividend of 13.70 rupees per share, with a record date set for May 22 and the dividend to be transferred to demat accounts by June 5.
💰 The bank’s interest income also saw a significant increase, rising by 19% to 1,11,043 crore rupees in the March quarter, up from 92,951 crore rupees a year ago. SBI’s share price on the NSE rose by 3% to 834 rupees, while on the BSE, it reached a 52-week high of 839.60 rupees.
📊 According to the bank’s statement to the stock exchanges, its net profit on a standalone basis increased from 16,694.51 crore rupees to 20,698.35 crore rupees on an annual basis. For the fourth quarter of 2023-24, the bank’s total income rose from 1.06 lakh crore rupees to 1.28 lakh crore rupees, despite a decrease in provisions for bad loans.
🏛️ SBI’s non-performing assets decreased by 2.24% during the quarter, compared to 2.78% in the same period last year. The bank’s net profit for the entire financial year 2023-24 increased by 20.55% to 67,084.67 crore rupees, up from 55,648.17 crore rupees in 2022-23.
Stay tuned for more updates on SBI’s performance in the stock market!
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