State Bank of India’s (SBI’s) net profit rose 80.1 per cent year-on-year (YoY) to Rs 6,451 crore in the fourth quarter ended March 2021, beating analysts' estimates on high net interest income (NII) and lower provisions. It had posted a net profit of Rs 3,581 crore in Q4FY20. Sequentially, net profit was up by 24.14 per cent against Rs 5,196 crore in Q3FY21.
In a good news for lakhs of savings account holders of State Bank of India, they can change the SBI Bank Branch work online from their home using the Online Banking services of the bank. The launch of the service means that SBI customers do not need to go to the branch for doing this work.
The SBI has taken this decision due to COVID-19 outbreak.
If you have an account in State Bank of India, HDFC Bank, Punjab National Bank, Axis Bank, Bank of Baroda, HDFC Bank, then there is very important news for you, because in the coming days you may face problems in banking services. Banks will be closed for 7 days from March 27 to April 4, but in the meantime, another worrying news is that you may face problems in online banking as well.
India is seeing a second wave of Covid-19 infections since February 15, which may last for 100 days, said State Bank of India’s (SBI) research in a report. The rise in cases is leading to a decline in the Business Activity Index, it said, but warned against fresh lockdowns.
When State bank of India (SBI), with nearly 20-25 per cent market share, records a beat on its quarterly earnings, especially amid a global pandemic, the feat is sure to invite re-rating from analysts.
The series of price-target upgrades continued for the sixth consecutive quarter for the state-owned lender as it reported a 7 per cent decline in net profit at Rs 5,196 crore for quarter ended December 2020.
Shares of SBI Cards and Payment Services (SBI Card) rose 5 per cent to hit a new high of Rs 957.45 on the BSE on Wednesday on the back of heavy volumes. The stock surpassed its previous high of Rs 918.60, scaled on October 15, 2020.
The trading volumes on the counter jumped 1.5 times. A combined 1.95 million equity shares had changed hands on the NSE and BSE, till 10:34 am. Currently, the scrip was trading 4 per cent higher at Rs 948 on the BSE as against a 0.08 per cent decline in the S&P BSE Sensex.
Yes Bank on Tuesday said the loan repayments performance by its retail and small business borrowers has been better than expected, and only Rs 300 crore of the Rs 60,000-crore book has applied for the COVID-19-related loan restructuring scheme.
The collection efficiencies at about 95-96 per cent right now are back to the pre-COVID-19 levels of 97 per cent, its Global Head for Retail Business Rajesh Pental told PTI.
Shares of SBI Cards and Payment Services were up 3 per cent at Rs 855 on the BSE on Friday, gaining 4 per cent in the past two trading days after the company said it has launched credit cards in partnership with the digital payment platform Paytm.
The stock was trading higher for the fifth straight days and up 7 per cent during the week, as compared to 5 per cent rise in the S&P BSE Sensex.
India's largest lender State Bank of India on Tuesday announced that it will slash the marginal cost of funds based lending rate (MCLR) by 35 bps across all tenors. Effective from April 10, SBI's one-year MCLR will be 7.40% from 7.75%.
This is the 11th consecutive cut in MCLR by SBI in FY 2019-20.
The move will be beneficial for borrowers who have MCLR-linked floated rate loans, such as home loans.
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