State Bank of Travancore shares today closed with nearly 3 per cent loss after the company reported nearly 68 per cent plunge in its net profit in the March quarter.
The stock went down by 2.71 per cent to settle at Rs 389.05 on BSE. During the day, it slipped 3.72 per cent to Rs 385.
On NSE, the scrip ended 2 per cent lower at Rs 387.40.
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State Bank of Travancore (SBT) has reported a 67.6 per cent decline in net profit at Rs 62.1 crore in the fourth quarter ended March due to a sharp increase in provisioning for bad loans.
The bank had reported a net profit of Rs 191.9 crore in the same quarter a year ago.
Its total income in the quarter under review grew 3.64 per cent to Rs 2,801.7 crore as against Rs 2,703.2 crore in January-March of 2014-15.
SBT's total provisioning in the quarter against bad loans grew by over five-fold to Rs 520.32 crore compared with Rs 92.21 crore a year ago.
The bank's gross non-performing assets (NPAs) stood at 4.78 per cent of total advances as against 3.37 per cent in the year-ago period.
Net NPAs read 2.77 per cent of total advances compared with 2.04 per cent a year ago.
