SBI net jumps 137 per cent to Rs3,751.6 crore, NPAs climb to 2.2 per cent
10 August 2012
State Bank of India (SBI), the country's top lender, has reported a 137 per cent jump in its fiscal first quarter net profit at Rs3,751.56 crore against Rs1,583.55 crore in April-June 2011.
SBI's total income for the April-June 2012 quarter rose 17 per cent to Rs32,415.49 crore from Rs27,731.67 crore in the year-ago quarter, SBI said in a filing with the Bombay Stock Exchange (BSE).
The bank's net non-performing assets (NPAs), however, rose to 2.22 per cent of total loans at the end of June 2012, against 1.61 per cent as of end-June 2011, showing the impact of an economic downturn.
Shares of SBI plunged over 4 per cent, eroding Rs5,637 crore from its market value on worries of rising non-performing loans.
SBI shares lost 4.26 per cent to close at Rs1,887.95 on the BSE as investors were concerned over mounting NPAs.