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SBI Q3 net profits drop to Rs 2234 crores; NPAs rise, stock falls
India's largest lender, State Bank of India (SBI) reported another quarter of dismal results with net profits for the period ending Dec 31, 2013 falling to Rs 2234 crores, from Rs 2375 crores in the previous quarter.
The net interest income was largely in line with expectations at Rs 12,640 crores. The gross non performing assets has risen to 5.73 per cent as on Dec 31 from 5.64 per cent in the previous quarter.
Net non performing assets also deteriorated to 3.24 per cent from 2.91 per cent. SBI has left investors worried over its ongoing deterioration in asset quality.
Markets were disappointed with the results and the shares of the bank fell almost 1 per cent in afternoon trades.
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