In early trade on Monday, State Bank of India (SBI) experienced a decline in its share price, surprising market observers despite the public sector lender’s better-than-expected earnings report for the quarter ending September 2023.
SBI’s shares dropped significantly, reaching ₹573.65 apiece on the NSE.
India’s largest commercial bank, SBI, revealed an 8% year-on-year increase in its net profit for the second quarter of FY24, totaling ₹14,330 crore compared to ₹13,264.5 crore in the corresponding quarter of the previous fiscal year.
While SBI’s net interest income (NII) for Q2FY24 rose impressively by 12.3% to ₹39,500 crore from ₹35,183.4 crore in the year-ago quarter, the bank’s domestic net interest margin (NIM) saw a slight decrease of 12 basis points year-on-year, settling at 3.43% during the July-September 2023 period.
