SBI share price surged over 3 per cent after the bank reported an 81 per cent rise in its net profitState Bank of India (SBI) reported a whooping 81 per cent on-year rise in standalone net profits at Rs 4,189 crore for the April-June quarter. The Bank had reported a profit of Rs 2,312 crore in the corresponding quarter of the previous fiscal. The profit was lifted by the Rs 1,539.73 crore sale of a certain portion of investment in bank’s subsidiary SBI Life Insurance Company. For the quarter under review, SBI made provisions of Rs 12,501.30 crore, against Rs 13,495.08 crore in the quarter ended on March 31, 2020. It was, however, higher than Rs 9,182.94 crore provisions made in the corresponding quarter of the preceding fiscal.
State Bank of India share price surged over 3 per cent to hit day’s high of Rs 194.40 apiece on BSE. In comparison, S&P BSE Sensex was down 0.30 per cent at 37,623.
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