State Bank of India posted better than expected results, with net profit up at Rs 4,050 crore for the quarter ended March 31, 2012, against Rs 20.88 crore for the corresponding quarter of the previous year.
Net Non Performing Assets (NPA) dropped to 1.82% in this quarter against 2.22% in the corresponding quarter of the previous year. Gross NPAs dropped to 4.44% from 4.61% QoQ.
The shares of the company rose 3.07% at Rs 1,904 on BSE at 12.45 pm IST.
The company board has decided a dividend of Rs 35 per share. Provisions surged 30.4% consecutively at Rs 3,140 crore from Rs 2,407 crore.
Other income also increased to Rs 5,264 crore from Rs 4,815 crore during the same period. Capital adequacy ratio improved at 13.86% against 11.98% for the corresponding quarter of the previous year.