State Bank of India, posted a 12% rise in net profit at Rs 2,810 crore for the second quarter of current fiscal year. It reported Rs 2,501.4 crore in the same period a year ago.
Net interest income rose 4.6% to Rs 10,422 crore as against Rs 9,958 crore in September 2010.
Gross non-performing assets were at 4.19% as compared to 3.35% in year-ago period. Provisions increased 29% to Rs 3,386 crore as against Rs 2,622 crore in the same period last fiscal. The bank has reported gross NPAs at Rs 33,946 crore in the quarter ended September FY12 as against Rs 23,205 crore in same period the previous year.
Provision coverage ratio stood at 63.50% as on September 30. In the first half of financial year 2011-12, SBI made additional provision of Rs 1,100 crore.
The stock reacted negatively to the increase in Gross as well as net NPA in the Q2 vis-a-vis Q1 of current fiscal, and was down about 4% to Rs.1917 at around 12:15 PM on 09th Nov 2011.
52 week high low for the stock is 3,353.90 - 1,708.55
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