Mumbai, February 7: The share price of State Bank of India (SBI) surged on Monday after the company announced robust growth in its earnings and profit on the weekend. Defying the general weakness in the market, trading in SBI share started with significant gains at Rs 534 against its previous session's close at Rs 530.20.

At the BSE at around 12.23 pm, the share of SBI was trading 2.41 per cent higher at Rs 543. Earlier the scrip surged to a high of Rs 549.05. State Bank of India share has rallied despite a sharp drop in the key indices. The benchmark Sensex was down 1.35 per cent or 793.28 points.

SBI share has rallied after posting robust growth in third-quarter profit. The country's largest lender on Saturday announced 62.27 per cent increase in its third-quarter profit to Rs 8,432 crore when compared with the corresponding period of the previous year. This is the highest ever quarterly profit recorded by SBI. Sensex Slumps 628 Points; Nifty Trading in Red For Third Consecutive Session.

The bank's operating profit increased by 6.86 per cent year-on-year to Rs 18,522 crore in the third quarter of 2021-22 from Rs 17,333 crore recorded in the third quarter of the previous year. SBI's net interest income for the third quarter of the current financial year rose by 6.48 per cent year-on-year.

The bank's total deposits grew at 8.83 per cent YoY. Saving Bank deposits grew by 10.30 per cent YoY while Current Account deposits grew by 7.89 per cent YoY during the quarter under review.

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