SBI share price jumps 5%

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Due to the bank’s net profit rising by 73.93% year-on-year (YoY) to Rs13,265 crore in the July-September quarter (Q2FY23), supported by improved interest and a decrease in provisions for bad debts, shares of State Bank of India (SBI) hit an all-time high of Rs621.60 on BSE on Monday. The country’s biggest lender reported a net profit of Rs 7.627 billion in Q2FY22.

Shares of State Bank of India (SBI) hit a record high of 621.60 rupees on Monday during intraday trading on BSE after the bank’s net profit jumped 73.93% year on year. the other (YoY) at Rs 13,265 crore in July-September. quarter (Q2FY23), supported by improved interest margins and lower loan loss provisions. The country’s biggest lender reported a net profit for Q2FY22 of Rs7,627 crore.

SBI’s net interest income (NII) increased by 12.83% year-on-year to Rs 35,183 crore for the second quarter of FY23 from Rs 31,184 crore in the prior quarter. It climbed 12.78% from Rs31,196 crore in Q1FY23 on a sequential basis. The bank’s net interest margin (NIM) for domestic operations decreased from 3.50% in Q2 FY22 to 3.55%. It was up 5 basis points sequentially from 3.23% in Q1FY23.

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