SBI Q2 net profit up 30%, stock down 3%

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    SBI Q2 net profit up 30%, stock down
    The country's largest lender, State Bank of India reported better than expected results for this quarter. The banks net profit rose by 30.17% year-on-year to Rs 3,658 crore for the second quarter ended September 30, 2012.
     

    Shares of the bank was seen trading at Rs 2169, lower by 3.28% on BSE at 12.20 pm IST. It touched an intra-day high of Rs 2269, low of Rs 2163.

    The company's net interest income grew by 5.3% to Rs 10,973 crore.

    The gross Non-performing assets (NPAs) stood at 5.15% against 4.19% quarter-on-quarter. The net NPAs came in at 2.44% against 2.22% on a quarter-on-quarter basis.

    SBI has made additional provision of Rs 115 crore on pending loan recast, which weighed on the earnings growth.

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