State Bank of India (SBI) has dipped 4% to Rs 2,164, falling almost 4% from intra-day high, after the state-owned bank said that its gross non performing assets (NPA) increased to Rs 49,202 crore in September 2012 quarter from Rs 33,946 crore in the previous year.
“The bank's gross NPA ratio edged up to 5.15% as on 30 September 2012, from 4.19% in a year ago quarter, while net NPA increased to 2.44% from 2.04%,” SBI said in a statement. As on 30 June 2012, gross NPA stood at 4.99% and net NPA at 2.22%.
Meanwhile, the bank has reported a better-than-expected 30% year-on-year (yoy) growth in net profit at Rs 3,658 crore in September quarter due to lower provisioning for bad loans. Analyst on an average had expected profit of Rs 3,630 crore. The bank’s net interest income grew 5.3% at Rs 10,973 crore on y-o-y basis.
During the quarter under review, the bank’s provisions against bad loans and other contingencies declined 46% to Rs 1,826 crore against Rs 3,386 crore.
The stock opened at Rs 2,237 and touched high of Rs 2,269 on the BSE. A combined 4.63 million shares have changed hands on the counter so far on both the exchanges.
