SBI trades flat; underperforms in a firm market post mixed Q2 earnings

Shares of State Bank of India (SBI) were trading 0.43 per cent lower at Rs 576.65 at 11.45 am on the BSE on Monday; in an otherwise robust market after the bank reported 8.03 percent year-on-year (year-on-year) growth in net profit at Rs 14,330 crore for the quarter ended September 2023 (Q2FY24) on healthy net interest income ( NII) and a decline in loan loss provisions.

SBI’s net profit exceeded analyst expectations, helped by lower provisions, even as the bank made higher provisions