SBI Q1 2014 net profits at Rs 3241 crores; stock slumps

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SBI Q1 2014 net profits at Rs 3241 crores; stock slumps
India's largest bank, State Bank of India (SBI) has reported a net profit of Rs. 3241.08 crores for the quarter ended June 30, 2013 as compared to Rs 3751.5 crores for the quarter ended June 30, 2012.

Total Income has increased from Rs 32415.49 crores for the quarter ended June 30, 2012 to Rs. 36,192.62 crores for the quarter ended June 30, 2013.

Markets were disappointed with the numbers and the stock slumped 3 per cent in trade today.

The bank's asset quality continued to deteriorate with the net NPA rising to 2.83 per cent, as against 2.10 per cent, quarter-on-quarter.

The gross NPA's at the bank reached a frightening level of 5.56 per cent, as against 4.75 per cent quarter on quarter.

The shares of State Bank of India were last traded at Rs 1612 on the National Stock Exchange, after touching a 52-week low of Rs 1575.

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