SBI profits falls by a whopping 31%
FollowIndia's largest bank State Bank of India reported a 31.72 per cent fall in net profit at Rs 2,520.96 crore for the first quarter ended June 30, 2016 against Rs 3,692.43 crore in the corresponding quarter a year ago said a report in the Financial Express. Net interest income of the public sector lender increased marginally by 0.04 per cent to Rs 14312.31 crore for the quarter under review against Rs 13732.03 crore in the corresponding quarter a year ago.
Percentage of net non-performing assets increased 4.05 per cent against 3.81 per cent on quarter-on-quarter basis. Percentage of gross non-performing assets increased to 6.94 per cent from 6.50 per cent in the sequential quarter ended March 31, 2016.
For the quarter ended June 30, 2016, fresh slippages of the bank stood at Rs 8790 crore against Rs 30,313 crore in the sequential quarter ended March 31, 2016.
The share price of the company was trading 5.97 per cent up at Rs 240.50(12.42 pm) after the results were announced.
On a consolidated basis, net profit of State Bank of India fell by 77.80 per cent to Rs 1046 crore for the quarter under review against Rs 4713.57 crore in the corresponding quarter last year.
