SBI shares surge by 8% after posting positive Q4 result; Nifty ends above 10,100
On Friday, the shares of the State Bank of India surged by 8 percent after posted its quarter-four results. The bank reported its standalone profit of Rs 3,580.81 crore as compared to Rs. 838.4 crore profit in the same quarter last year.
Moreover, the profit during the March quarter 2020 comprised Rs 2731.34 crore profit gained on the sale of some portion of investment in SBI Cards and Payment Services. Further, the bank’s net interest income declined by 0.8 percent to Rs 22,766 crore in the fourth quarter. This was against the Rs 22,954 crore in the Q4FY19.
Additionally, for the full fiscal year 2020, SBI posted the highest profit at Rs. 14,488 crore compared to Rs. 862 crore last year. The net interest income rose by 11 percent to stand at Rs. 98,085 crore.
Currently, SBI is among the Nifty gainers with Tata Motors on the top. At close, the financial shares were up by 8 percent at 188. After facing a negative session on Thursday, Nifty and Sensex ended on the green side with Nifty at 10,142. Further, the sectoral indices closed positive expect Nifty FMCG which ended low by 0.2 percent.