SBI Q3 results below expectations; stock tanks

The country's largest lender, State Bank of India reported less than expected third quarter results. The banks net profit rose by only 4% to Rs 3396 crore for the quarter ended December 31.

Net interest margin stood at 3.72% vs 3.4% quarter on quarter. Net interest income declined 2.7% to Rs 11,154 crore from Rs 11,466 crore during the same period.

Gross Non Performing Assets (NPAs) was seen at 5.3% vs 5.15% quarter on quarter. Capital adequacy ratio dropped to 12.21% against 12.63% in second quarter.

The banks provisions for bad loans surged 48% quarter on quarter to Rs 2,668 crore.

Shares of the bank tanked 1.15% at Rs 2222 on BSE at 12.50 pm IST.

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