SBI gains on 30.5% increase in Q2 net profit

The profit at Rs 3100 crore is below the market estimates of Rs 3,254 crore

SBI has gained around 2% to Rs 2770.35 on BSE after reporting a 30.5% increase in its net profit at Rs 3100 crore for the July-September quarter of 2015 fiscal compared to the same quarter last fiscal when the net profit was Rs 2375 crore.
 
However, analysts on average had expected the bank to report a net profit of Rs 3,254 crore, according to data compiled by Thomson Reuters.
 
SBI, which accounts for about a quarter of loans and deposits in India, reported a 2.73% increase in its net NPAs in the second quarter of 2015 fiscal from 2.66% the previous quarter. On a q-o-q basis its gross NPAs were flat at 4.9%.

 

The net interest income was at Rs 13,274 crore and SBI's capital adequacy ratio (Basel III) came in at 12.33%.
 
The stock opened at Rs 2,730 and has hit a high of Rs 2,789.50 till 13:35 hrs and around 3.2 million shares have changed hands on BSE and NSE combined.