State Bank of Travancore down after disappointing Q2 numbers

Posted By: Religare
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Shares of State Bank of Travancore slipped nearly 3 per cent in the morning trade on Bombay Stock Exchange (BSE) after the bank announced 60 per cent drop in net profit for the second quarter ended September 2013 at Rs 55 crore versus Rs 136 crore in the year ago period.

At 12:05 hours, shares of the bank were trading at Rs 463.05 a piece, down 2.22 per cent from previous close on BSE.

Net profit of the bank was mainly weighed down by steep rise in provisions to Rs 252 crore as compared to Rs 118 crore in the year ago period.

Gross Non-Performing Assets (NPAs) ratio of the Kerala-based lender increased to 3.5 per cent in the reporting quarter from 2.98 per cent in the year ago period.

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