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 Q1 FY23.

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

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

The country's biggest lender, State Bank of India on Saturday posted a 7 per cent decline in standalone net profit to ₹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 ₹6,504 crore in the April-June quarter of 2021-22.

Its standalone total income declined to ₹74,998.57 crore in the first quarter of FY23 against ₹77,347.17 crore in the same period a year ago, SBI said in a regulatory filing.

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