SBI surges on withdrawing penalty on pre-payment of housing loans

25 Nov 2011 Evaluate

SBI is currently trading at Rs. 1674.90, up by 21.65 points or 1.31% from its previous closing of Rs. 1653.25 on the BSE.

The scrip opened at Rs. 1647.80 and has touched a high and low of Rs. 1677.50 and Rs. 1635.10 respectively. So far 196567 shares were traded on the counter.

The BSE group 'A' stock of face value Rs. 10 has touched a 52 week high of Rs. 3172.00 on 02-Dec-2010 and a 52 week low of Rs. 1629.10 on 24-Nov-2011.

Last one week high and low of the scrip stood at Rs. 1724.40 and Rs. 1629.10 respectively. The current market cap of the company is Rs. 104981.21 crore.

The promoters holding in the company stood at 59.40% while Institutions and Non-Institutions held 27.19% and 10.56% respectively. 

State Bank of India (SBI), country's largest public sector lender has decided to remove pre-payment charges on home loans, giving some relief to borrowers who want to foreclose their accounts. Earlier bank has been charging 2-4% of the outstanding amount as pre-payment penalties only on housing loans with floating interest rates taken before May 2011.

At the end of September the total outstanding home loan of SBI rose to Rs 92,383 crore against Rs 86,769 crore in March 2011. No pre-payment fine is charged if borrowers pay using their own funds.

The bank’s net profit for the quarter has registered growth of 12.36% at Rs 2,810.43 crore whereas the same was at Rs 2,501.37 crore for the quarter ended September 30, 2010.  Bank’s total income has increased by 23.44% at Rs 29,394.32 crore for the quarter under review whereas the same was at Rs 23,813.30 crore for the corresponding of the previous fiscal.

SBI Share Price

820.95 8.45 (1.04%)
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Peers
Company Name CMP
SBI 820.95
Bank Of Baroda 246.25
Canara Bank 101.10
PNB 101.40
Union Bank Of India 119.20
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