State Bank of India's Stocks Surge Amid Impressive Profit Report
State Bank of India's shares rose over 2% following a notable 9.71% increase in net profit for Q1 FY2025. The stock achieved significant gains on both BSE and NSE, boosted by strong treasury and forex performance. Meanwhile, net interest income experienced a slight decline due to margin contraction.
- Country:
- India
State Bank of India (SBI) witnessed a positive start to the week as its shares climbed over two percent on Monday. This surge came after the nation's largest public sector bank reported a remarkable 9.71 percent rise in its consolidated net profit for the first quarter of fiscal year 2025.
Throughout the trading day, SBI's stock ascended 2.45 percent to Rs 824.30 on the Bombay Stock Exchange (BSE), even soaring to Rs 824.95 at its peak. The uptrend mirrored on the National Stock Exchange (NSE) with a 2.38 percent increase in share price, alongside a market valuation jump of Rs 18,230.48 crore, reaching Rs 7,60,879.81 crore.
Although the bank's net profit grew to Rs 19,160 crore from Rs 17,035 crore year-on-year, its core net interest income saw a slight 0.13 percent decline due to contracting net interest margins, impacted by recent RBI rate adjustments.
(With inputs from agencies.)
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