SBI net profit falls 13.6%; shares drop

12 August, 2013

State Bank of India (SBI), the country’s largest lender, posted a second consecutive drop in quarterly net profit, missing estimates, on worsening asset quality, higher operating expenses and muted growth in interest income.

The state-run bank posted on Monday a 13.6 per cent drop in net profit to Rs 32.41 billion in the fiscal first quarter that ended in June compared with Rs 37.52 billion a year ago.

Net interest income rose 3.5 per cent to Rs 115.12 billion.

Analysts had expected a net profit of Rs 36.2 billion, according to Thomson Reuters I/B/E/S. The bank’s shares fell more than 5 per cent after the earnings were announced.


Leave Your Comment
SBI Q2 Net Up 12.4%; Bad Loans Disappoint

SBI Q2 Net Up 12.4%; Bad Loans Disappoint

Reuters 6 years ago
State Bank of India, the country’s top lender, beat estimates with a 12.4 per cent rise in quarterly net profit but a rise in non-performing...
HDFC Bank Q2 profit up 27%, slowest quarterly growth in a decade

HDFC Bank Q2 profit up 27%, slowest quarterly growth in a decade

Reuters 4 years ago
India’s third-biggest lender by assets HDFC Bank posted its slowest quarterly profit growth in a decade due to a drop in net interest margins and...
SBI Q3 Beats Forcast But Bad Loans Rise

SBI Q3 Beats Forcast But Bad Loans Rise

Reuters 5 years ago
State Bank of India (SBI), the country’s biggest lender, reported an unexpected rise in bad loans for the third quarter, taking the shine off healthy...
No Comments

SBI net profit falls 13.6%; shares drop

Powered by WordPress.com VIP