SBI ends in red after rallying 5% post Q4 results; net profit up 23% YoY

NEW DELHI: State Bank of India (SBI) slipped into red and fell nearly 3 per cent after surging as much as 5.4 per cent in intraday trade on Friday, after the largest public sector bank reported 23 per cent YoY growth in net profit to Rs 3,740 crore, which was better than ET Now Poll of Rs 3610 crore.

The stock ended the day in red, down 2.38 per cent or Rs 6.90 at Rs 282.45.

The largest public sector bank reported a net profit of Rs 3041 crore in the corresponding quarter of last fiscal.

Net interest income or the difference between interest earned and interest paid rose by 14 per cent on year-on-year basis which ahead of ET Now estimate of Rs 14,215 crores.

Net interest income increased to Rs 14,712 crore for the quarter ended March 31, as compared to Rs 12,903 crore reported in the corresponding quarter of the last fiscal.

On asset quality front, the bank's net non-performing assets (NPA) or bad loans decreased to 2.12 per cent of the total advances in fourth quarter of 2014-15, from 2.8 per cent recorded in the previous quarter.

Likewise, gross NPAs improved to 4.25 per cent for the quarter ended March, as compared to 4.9 per cent recorded in the previous quarter.