India’s largest loaning bank (SBI) has reported its quarterly results with a hike of nearly 55% in net profit and stood at Rs.6,504 crore YOY. In the previous year’s quarter, the profit was Rs.4,189.34 crore which over the year rises and beats the estimates. Thus, SBI Q1 results impacted the scrip in today’s trading session.
SBI’s other proceeds raised in Q1 to Rs. 11,802.7 crore as against Rs.7,957.5 crore in the previous year’s quarter.
Moreover, SBI also stated that there is a rise in the gross non-performing assets from 4.98% to 5.32% QoQ. Therefore, net non-performing assets stood at 1.77% as compared to 1.50%.
SBI Q1 results declared a dip in provisions and contingencies which came at Rs. 10,052 crore as against Rs. 11,150 crore QoQ and Rs.12,501 YOY.
Technical Outlook
Today, we recommended our smart traders to buy SBI above 436 levels which have proven great due to SBI’s profitable quarterly earnings.
In today’s trading session, SBI made a high of 467.45.
If we converse about the overall trend, then the trend is positive.
Traders may buy around 450 thereby maintaining a strict stop loss of 430.