State Bank of Bikaner & Jaipur slumps after weak Q2 numbers

State Bank of Bikaner & Jaipur tumbled 5.88% to Rs 574 at 10:18 IST on BSE after net profit declined 23.24% to Rs 118.64 crore on 14.12% growth in total income to Rs 2410.69 crore in Q2 September 2014 over Q2 September 2013.

The Q2 result was announced after market hours yesterday, 29 October 2014.

Meanwhile, the S&P BSE Sensex was up 45.40 points or 0.17% at 27,143.57.

On BSE, so far 15,000 shares were traded in the counter as against average daily volume of 11,000 shares in the past two weeks.

The stock hit a high of Rs 580 and a low of Rs 564.05 so far during the day.

State Bank of Bikaner & Jaipur (SBBJ)'s ratio of gross non-performing assets (NPAs) to gross advances stood at 4.24% as on 30 September 2014, up from 3.6% as on 30 June 2014 and 3.8% as on 30 September 2013. The ratio of net NPAs to net advances stood at 2.49% as on 30 September 2014, up from 2.14% as on 30 June 2014 and 2.47% as on 30 September 2013.

The bank's provisions and contingencies jumped 175.12% to Rs 304.87 crore in Q2 September 2014 over Q2 September 2013. Provision coverage ratio to gross NPAs (including AUCA) as on 30 September 2014 stood at 58.55%.

SBBJ's Capital Adequacy Ratio (CAR) as per Basel III norms stood at 11.05% as on 30 September 2014 as against 11.23% as on 30 June 2014 and 11.22% as on 30 September 2013.

SBBJ is an affiliate of State Bank of India (SBI), which is India's biggest commercial bank in terms of branch network. SBI holds 75.07% stake in SBBJ (as per the shareholding pattern as on 30 June 2014).

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