Advertisement

HindustanTimes Fri,19 Dec 2014

State Bank of India Q1 net profit falls, shares drop

Reuters   Mumbai, August 12, 2013
First Published: 13:42 IST(12/8/2013) | Last Updated: 13:44 IST(12/8/2013)

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.

Advertisement

The state-run bank posted on Monday a 13.6 percent drop in net profit to 32.41 billion rupees ($532.49 million) in the fiscal first quarter that ended in June compared with 37.52 billion rupees a year ago.

Net interest income rose 3.5 percent to 115.12 billion rupees.

Analysts had expected a net profit of 36.2 billion rupees, according to Thomson Reuters I/B/E/S. The bank's shares fell more than 5 percent after the earnings were announced. ($1 = 60.8650 Indian rupees)


Advertisement
more from Banking

CCEA gives nod for IDFs to take over bank loans

In a move that could boost the cash-starved infrastruc­ture sector, the Cabinet Committee on Economic Affairs on Tuesday gave its clearance for infrastructure debt funds (IDFs) to take over existing bank loans.
markets
Advertisement
Most Popular
Advertisement
Advertisement
Copyright © 2014 HT Media Limited. All Rights Reserved