The market leader government own leading bank of India SBI (state bank of India) have published its results for Q1 2021. Profit for the year jumped to 55% to rupees 6504 crore rupees.
Key highlights
NET PROFIT INCREASED BY 54.50% year on year
Interest earned is down by 1.40% year on year
Non interest income raised by 25.22% year on year
Total income increased by 4.38% year on year
Operating expenses raised by 16.78% year on year
Total expenditure increased by 4.11% year on year
operating income increased by 5.34% year on year
ROE increased by 12.67 year on year
Earnings per share increased to rupees 33.17
The increased net profit margin brought good news for all the banking sector. The share price of the market leader jumped around 5% to book its 52 week high. According to the analyst, results are better than expected. Different brokerage firms like Kotak institutional equity, Edelweiss securities have increased their target on the particular stock.
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