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India's largest lender, State Bank of India has reported net profits that were lower then estimates with net profit coming in at Rs 2375 crores, as against Rs 3241 crores in the previous quarter.
Gross non performing assets at the bank continued to be a cause for concern with the same rising to 5.64 per cent from 5.56 in the previous quarter. Net NPA also rose to 2.91 per cent, from 2.84 per cent in the previous quarter.
Fresh slippages at the bank were placed at Rs 8365 crores.
The bank's results came as a relief with the stock rallying almost 3.5 per cent following the results. The bank's quarterly results although disappointed, analysts believe that the non performing assets at the bank may have peaked out.
Other PSU banking stocks rallied following the results of State Bank of India.
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