SBI retracts from 52-week high after weak Q2 numbers

State Bank of India was down 2.1% to Rs 275.70 at 13:19 IST on BSE after net profit fell 34.56% to Rs 2538.32 crore on 8.29% growth in total income to Rs 50742.99 crore in Q2 September 2016 over Q2 September 2015.

The result was announced during market hours today, 11 November 2016.

Meanwhile, the S&P BSE Sensex was down 429.67 points or 1.56% at 27,088.01.

On BSE, so far 40.84 lakh shares were traded in the counter as against average daily volume of 20.41 lakh shares in the past two weeks. The stock was volatile. The stock rose as much as 2.45% at the day's high of Rs 288.50 so far during the day, which is a 52-week high for the counter. The stock lost as much as 3.87% at the day's low of Rs 270.70 so far during the day. The stock had hit a 52-week low of Rs 148.30 on 12 February 2016.

The bank's gross non-performing assets (NPAs) stood at Rs 1.05 lakh crore as on 30 September 2016 compared with Rs 1.01 lakh crore as on 30 June 2016 and Rs 56834.28 crore as on 30 September 2015. Ratio of gross NPAs to gross advances stood at 7.14% as on 30 September 2016 as against 6.94% as on 30 June 2016 and 4.15% as on 30 September 2015. Ratio of net NPAs to net advances stood at 4.19% as on 30 September 2016 as against 4.05% as on 30 June 2016 and 2.14% as on 30 September 2015.

The bank's provisions and contingencies jumped 81.09% to Rs 7896.72 crore in Q2 September 2016 over Q2 September 2015. Of this, provisions for NPAs surged 99.63% to Rs 7669.66 crore in Q2 September 2016 over Q2 September 2015.

State Bank of India (SBI) is India's biggest bank in terms of branch network. The Government of India currently holds 60.18% stake in SBI (as per the shareholding pattern as on 30 September 2016).

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