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SBI shares fall 3% as Q2 profit crumbles

Shares of country's largest lender SBI today dipped 3 percent after the bank saw a massive 99.6 percent plunge in its September quarter consolidated profit at Rs 20.7 crore, hit by 3-fold rise in bad loan provisioning.



Mumbai: Shares of country's largest lender SBI today dipped 3 percent after the bank saw a massive 99.6 percent plunge in its September quarter consolidated profit at Rs 20.7 crore, hit by 3-fold rise in bad loan provisioning.

Stock fell 3.09 percent to settle at Rs 272.90 on BSE. Intra-day, the scrip rose as much as 2.45 percent to touch the day's high of Rs 288.50, which is also a 52-week high.

On NSE, shares dropped 2.95 percent to end at Rs 273. Intra-day, the stock touched its 52-week high of Rs 288.80.

On volume front, 58.86 lakh shares changed hands on BSE and over 5 crore shares were traded on NSE.

Country's largest lender SBI today posted 99.6 percent dip in consolidated net profit at Rs 20.7 crore for the September quarter.

Its profit stood at Rs 4,991.70 crore in the same quarter last fiscal.

Total income on consolidated basis, however, rose to Rs 72,918.4 crore during the second quarter from Rs 66,828.8 crore in the same period of 2015-16, SBI said in filing to stock exchanges.

On standalone basis, SBI's profit declined 35 percent to Rs 2,538.32 crore, from Rs 3,879.07 crore. Total income was Rs 50,742.9 crore as against Rs 46,854.8 crore in the same period a year ago.

From Zee News

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