|Bid||0.00 x 0|
|Ask||0.00 x 0|
|Day's range||189.70 - 197.20|
|52-week range||149.45 - 351.00|
|Beta (5Y monthly)||0.97|
|PE ratio (TTM)||7.96|
|Earnings date||23-Oct-2020 - 27-Oct-2020|
|Forward dividend & yield||N/A (N/A)|
|1y target est||348.98|
State Bank of India <SBI.NS> (SBI) posted a sharp increase in net profit on Friday and provided a steady outlook for the coming quarters, even as the coronavirus crisis ravages the country's economy. SBI's results come as Indian lenders brace for a flood of potential loan defaults, with many small businesses finding it hard to operate as the pandemic crushes demand. The lender reported an 81% surge in profit and better asset quality as bad loan provisions dropped.
State Bank of India said on Friday its quarterly net profit had risen by 327% to 35.81 billion rupees ($474 million) after a one-off gain from the sale of its stake in SBI Cards and Payment Services, lifting its shares by as much as 9%. Mumbai-based SBI, which has more than 22,000 branches, said in a regulatory filing that while asset quality improved on the previous quarter, provisions for bad debt jumped by 45%. SBI expects muted loan growth of around 7.5% in the financial year ended 2021, down from an earlier 12% forecast, its chairman Rajnish Kumar said.
India's largest lender, State Bank of India, on Friday slashed its lending and deposit rates, a rare move that followed on the heels of an Indian central bank rate cut to tackle the economic fallout from the coronavirus pandemic. SBI reduced its lending rates by 75 basis points, passing on the entire repo rate cut made by the Reserve Bank of India (RBI)earlier on Friday, the lender said in a statement. The central bank on Friday also allowed banks to provide a three-month moratorium on all term loans, a relief to businesses affected by India's three week country-wide lockdown.