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SBI share gains 5% post Q4 numbers; brokerages maintain buy

Broking house Sharekhan maintained buy rating on the stock with a revised price target of Rs 262.

June 08, 2020 / 01:56 PM IST

State Bank of India (SBI) share price added more than 5 percent on June 8 after the public lender posted better-than-expected numbers for the quarter ended March.

The company reported a standalone profit of Rs 3,580.81 crore against a profit of Rs 838.4 crore.

Net interest income declined 0.8 percent year-on-year to Rs 22,766 crore due to a moderate loan growth at 6.4 percent.

Asset quality improved in the quarter. Gross non-performing assets (NPAs) as a percentage of gross advances declined 42 basis points sequentially to 2.23 percent and net NPAs dropped 79 basis points QoQ to 6.15 percent during the quarter.