State Bank of India (SBI) has tanked 6% to Rs 2,212 after reporting a worse-than-expected 19% year-on-year (yoy) drop in net profit at Rs 3,299 crore for the quarter ended March 31, 2013 (Q4) due to lower net interest income and higher provisioning for bad loans. India’s largest lender had a profit of Rs 4,050 crore in a year ago quarter.
Net interest income (difference between interest earned minus interest expended) too declined by 4.4% to Rs 11,078 crore on yoy basis.
The bank’s provisions for non-performing assets (NPA) increased by 40% to Rs 3,974 crore from Rs 2,836 crore during the recently concluded quarter.
The net NPAs or bad loans of the bank during the quarter under review rose to 2.10% from 1.82% a year earlier. Gross NPAs also moved up to 4.75% from 4.44% a year ago.
The stock opened at Rs 2,355 and hit a low of Rs 2,200 on NSE. A combined 4.07 million shares have changed hands on the counter so far on NSE and BSE.
Net interest income (difference between interest earned minus interest expended) too declined by 4.4% to Rs 11,078 crore on yoy basis.
The bank’s provisions for non-performing assets (NPA) increased by 40% to Rs 3,974 crore from Rs 2,836 crore during the recently concluded quarter.
The net NPAs or bad loans of the bank during the quarter under review rose to 2.10% from 1.82% a year earlier. Gross NPAs also moved up to 4.75% from 4.44% a year ago.
The stock opened at Rs 2,355 and hit a low of Rs 2,200 on NSE. A combined 4.07 million shares have changed hands on the counter so far on NSE and BSE.
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