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State Bank of India, the country’s largest lender, reported a net profit slightly above the estimate but a huge increase in non-performing assets sent the shares down more than 4 percent.
The bank reported a net profit of Rs 3,752 crore, from Rs 1,583 crore in the year-ago period, an increase of 137 percent on year growth, according to the bank.
A CNBC-TV18 poll has seen the net profit at Rs 3,748 crore.
Operating profit increased to Rs 8,177 crore from Rs 7,242, crore, up 12.90 percent on year.
The bank’s net non performing assets ( NPAs) stood at 2.22 percent from 1.82 percent as of 31 March.
The bank’s NPA provisions stood at Rs 2,790.2 crore, with total provisions at Rs 2456.3 crore, CNBC-TV18 reported.
The increase in provisions was due to an additional provision of Rs 895 crore on non-performing local advances.
The bank also witnessed a decline in its capital adequacy ratio to 13.17 percent as against 13.86 percent as of 31 March.
Its provision coverage ratio as on 30 June was 64.29 percent. The bank’s slippages were Rs 7,300 crore, CNBC-TV18 reported quoting sources.
The bank’s restructured assets stood at Rs 564 crore. Net interest income was Rs 11,118.8 crore as against CNBC-TV18 poll of Rs 11,754 crore.
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