SBI shares fall over 3 pc after Q1 earnings

NEW DELHI: Shares of State Bank of India (SBI) on Monday fell over 3 per cent in the morning trade after it posted a 7 per cent decline in standalone net profit for the first quarter of the current financial year.

The stock declined 3.13 per cent to Rs 514 on the BSE.

At the NSE, it went lower by 3.23 per cent to Rs 513.85.

The country's biggest lender State Bank of India on Saturday posted a 7 per cent decline in standalone net profit to Rs 6,068 crore for the first quarter of the current financial year due to a fall in income.

The bank had reported a net profit of Rs 6,504 crore in the April-June quarter of 2021-22.

Its standalone total income declined to Rs 74,998.57 crore in the first quarter of 2022-23 against Rs 77,347.17 crore in the same period a year ago, SBI said in a regulatory filing.