Shares of State Bank of India (SBI) on Wednesday gained more than 2 per cent after the company posted a 55 per cent rise in standalone net profit for the first quarter of the current financial year.
The stock climbed 2.37 per cent to close at Rs 457.05 on the BSE. During the day, it jumped 4.67 per cent to its 52-week high of Rs 467.30.
On the NSE, it closed the day with a gain of 2.16 per cent at Rs 456.15.
Rally in the stock helped the company's market valuation cross the Rs 4-lakh crore mark.
The company's market valuation rose by Rs 9,460.37 crore to Rs 4,07,899.37 crore on the BSE.
In traded volume terms, 58.52 lakh shares were traded at the BSE and over 12.97 crore units at the NSE during the day.
The country's biggest bank SBI on Wednesday posted a 55 per cent rise in standalone net profit at Rs 6,504 crore for the first quarter of the current financial year, helped by decline in bad loans.
The lender had reported a net profit of Rs 4,189.34 crore in the April-June quarter of 2020-21.
State Bank of India's standalone total income increased to Rs 77,347.17 crore in the first quarter of 2021-22 as against Rs 74,457.86 crore in the same period a year ago, according to a regulatory filing.
The bank's gross non-performing assets (NPA) of the total advances declined to 5.32 per cent at June-end from 5.44 per cent at June-end last year.
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