State Bank of India (SBI) is trading lower by nearly 3% at Rs 1,619 in otherwise firm market after the state-owned bank said its gross non performing assets (NPA) ratio rose to 5.56% in the June quarter from 4.75% in the preceding quarter and 4.99% in the year-ago period.
The bank has posted 13.6% year-on-year (yoy) drop in standalone net profit at Rs 3,241 crore for the first quarter of FY14 against Rs 3,752 crore in a year ago quarter.
The bank’s net interest income (interest earned minus interest expense) grew marginally by 3.5% at Rs 11,512 crore on yoy basis.
The bank has posted 13.6% year-on-year (yoy) drop in standalone net profit at Rs 3,241 crore for the first quarter of FY14 against Rs 3,752 crore in a year ago quarter.
The bank’s net interest income (interest earned minus interest expense) grew marginally by 3.5% at Rs 11,512 crore on yoy basis.
Analyst on an average had expected profit of Rs 3,462 crore and NII of Rs 13,731 crore for the quarter.
The stock opened at Rs 1,667 and hit a low of Rs 1,575, lowest level since December 2011, on BSE. A combined 5.07 million shares changed hands on the counter so far on BSE and NSE.
