SBI rallies post Q3 results, assets quality stable

Gross NPA stood at 4.90% as on December 2014 compared to 4.89% in September 2014 and 5.73% in December 2013.

Shares of State Bank of India (SBI) has rallied 7% to Rs 304 on NSE after the state-owned bank said its gross non-performing assets (NPA) as a percentage to total advances rose marginally at 4.90% as on December 31, 2014 (Q3FY15) compared to 4.89% in September quarter. Gross NPA stood at 5.73% at the end of December 2013 quarter.

Net NPA stood at 2.80% in December 2014 quarter against 2.73% in preceding quarter and 3.24% in the same quarter last year.

Meanwhile, the bank has reported a strong 30% year on year (yoy) jump in standalone net profit at Rs 2,910 crore in Q3FY15 as against Rs 2,234 crore in the corresponding quarter of previous fiscal.

Net interest income (interest earned minus interest expended) grew 9.2% at Rs 13,777 crore on yoy basis, SBI said in a statement.

The stock opened at Rs 288 and hit a low of Rs 285 on NSE before the announcements of Q3 results. Till 1216 hours, a combined 32.52 million shares changed hands on the counter on NSE and BSE.