ANI
08 Aug 2022, 14:48 GMT+10
Mumbai (Maharashtra) [India], August 8 (ANI): The share price of State Bank of India (SBI) slumped on Monday after the country's largest lender announced 7 per cent decline in its standalone net profit for the quarter ended June 30, 2022.
State Bank of India was trading 2.36 per cent down at Rs 518.15 at 1.40 pm at the BSE. The scrip slumped to a low of Rs 514 in the morning session.
SBI was the biggest loser among the Sensex stocks. SBI was trading deep in the red despite a general rally in the market.
The 30 stock SP BSE Sensex was trading 529.99 points or 0.91 per cent higher at 58,917.92 points as against its previous session's close at 58,387.93 points.
The share price of SBI slumped on Monday after the announcement of the quarterly numbers.
On Saturday, SBI reported a standalone net profit of Rs 6,068 crore for the first quarter of the current financial year as compared to Rs 6,504 crore recorded in the corresponding period of the last year, registering a year-on-year decline of 7 per cent.
SBI's standalone total income fell to Rs 74,998.57 crore for the quarter ended June 30, 2022, as compared to Rs 77,347.17 crore recorded in the corresponding quarter of the last year.
As per a regulatory filing to the stock exchanges, State Bank of India's balance sheet size crossed Rs 50 lakh crore during the quarter under review.
The increase in the balance sheet was led by 14.93 per cent year-on-year growth in credit. Domestic Advances grew at 13.66 per cent year-on-year and Foreign Offices' Advances grew by 22.39 per cent year-on-year.
Domestic advances growth was driven by 18.58 per cent jump in retail personal advances. Home loans grew by 13.77 per cent year-on-year during the quarter under review.
The bank's operating profit slumped to Rs 12,753 crore in the first quarter of the current financial year as against Rs 18,975 crore recorded in the corresponding quarter of the previous year, impacted by mark-to-market (MTM) losses on investment book.
SBI's net interest income (NII) for the quarter ended June 30 rose 12.87 per cent YoY to Rs 31,196 crore as compared to Rs 27,638 crore recorded in the corresponding quarter of the last year. (ANI)Get a daily dose of Florida Statesman news through our daily email, its complimentary and keeps you fully up to date with world and business news as well.
Publish news of your business, community or sports group, personnel appointments, major event and more by submitting a news release to Florida Statesman.
More InformationATLANTA, Georgia: The United States is facing its worst measles outbreak in more than three decades, with 1,288 confirmed cases so...
In the past month alone, 23 Israeli soldiers have been killed in Gaza—three more than the number of remaining living hostages held...
LONDON, U.K.: At least 13 people are believed to have taken their own lives as a result of the U.K.'s Post Office scandal, in which...
WASHINGTON, D.C.: Travelers at U.S. airports will no longer need to remove their shoes during security screenings, Department of Homeland...
WASHINGTON, D.C.: An elaborate impersonation scheme involving artificial intelligence targeted senior U.S. and foreign officials in...
SLUBICE, Poland: Poland reinstated border controls with Germany and Lithuania on July 7, following Germany's earlier reintroduction...
REDMOND, Washington: Artificial intelligence is transforming Microsoft's bottom line. The company saved over US$500 million last year...
WASHINGTON, D.C.: A federal rule designed to make it easier for Americans to cancel subscriptions has been blocked by a U.S. appeals...
BASTROP, Texas: In a surprising turn at Elon Musk's X platform, CEO Linda Yaccarino announced she is stepping down, just months after...
NEW YORK CITY, New York: Former British prime minister Rishi Sunak will return to Goldman Sachs in an advisory role, the Wall Street...
LONDON, U.K.: Physically backed gold exchange-traded funds recorded their most significant semi-annual inflow since the first half...
AMSTERDAM, Netherlands: Some 32 percent of global semiconductor production could face climate change-related copper supply disruptions...