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State Bank of India (SBI) has moved higher by 4% at Rs 1,737, recovering nearly 5% from intra-day low, after reporting 35% year-on-year (y-o-y) drop in standalone net profit at Rs 2,375 crore for the second quarter ended September 30, 2013 (Q2) due to higher provisioning for bad loans. The country’s largest public sector lender had profit of Rs 3,658 crore in a year ago quarter.
The bank’s net interest income (NII) however, grew 11.6% yoy at Rs 12,251 crore, while provisioning for bad loans increased by 44% yoy at Rs 2,645 crore, SBI said in a statement.
Analyst on an average had expected NII of Rs 11,836 crore and profit of Rs 2,750 crore from the bank.
During the quarter under review, the bank’s gross bad loan ratio rose marginally to 5.64% from 5.56%, while net NPA ratio increased to 2.91% from 2.83% in the previous quarter.
The stock opened at Rs 1,658 and hit a low of Rs 1,653 on NSE before the announcement of Q2 results. A combined 3.82 million shares have changed hands on the counter so far on NSE and BSE.
The bank’s net interest income (NII) however, grew 11.6% yoy at Rs 12,251 crore, while provisioning for bad loans increased by 44% yoy at Rs 2,645 crore, SBI said in a statement.
Analyst on an average had expected NII of Rs 11,836 crore and profit of Rs 2,750 crore from the bank.
During the quarter under review, the bank’s gross bad loan ratio rose marginally to 5.64% from 5.56%, while net NPA ratio increased to 2.91% from 2.83% in the previous quarter.
The stock opened at Rs 1,658 and hit a low of Rs 1,653 on NSE before the announcement of Q2 results. A combined 3.82 million shares have changed hands on the counter so far on NSE and BSE.
