SBI posts 23 per cent rise in profit
Net profit during the period stood at Rs 3,742 crore as compared to Rs 3,041 crore
Mumbai: State Bank of India (SBI), on Friday surprised the street by posting better than expected results for the quarter ended March 2015 sending its shares up by more than five per cent in intra-day trade. The bank reported a 23 per cent rise in net profit for the quarter on account of healthy growth in operating income and lower provisions.
Its net profit during the period stood at Rs 3,742 crore as compared to Rs 3,041 crore reported during the same period last year. The bank’s gross NPAs ratio fell to 4.25 per cent in the quarter from 4.9 per cent last quarter. The net non-performing loan ratio fell to 2.12 per cent in the March quarter from 2.80 per cent a quarter earlier.
However, the shares of SBI gave up most of its gains as a spurt in restructured assets during the January-March quarter triggered profit booking.