Govt Banking Shares Spurt As SBI Reports Solid Numbers

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Shares in government owned banking shares rallied sharply following a superb set of results by State Bank of India (SBI).

Govt Banking Shares Spurt As SBI Reports Solid Numbers
State Bank of India: Quotes, News
BSE 318.80BSE Quote12.55 (3.94%)
NSE 318.25NSE Quote11.75 (3.69%)
Oriental Bank of Commerce: Quotes, News
BSE 125.85BSE Quote3.4 (2.70%)
NSE 125.70NSE Quote3.25 (2.59%)
SBI rallied a huge 5 per cent after its results, but gave-up gains later and was up 3 per cent. Bank of Baroda and Oriental Bank of Commerce were both up 2 per cent each. Other stocks that were up from the public sector banking space included Syndicate Bank, Union Bank of India and Punjab National Bank.

State Bank, the country's largest lender on Friday reported a net profit of Rs 3742 crores for the quarter ending March 31, 2015, which was way above consensus estimates.

Non performing assets also dipped sharply with gross non performing assets coming in at 4.25 per cent as against 4.90 per cent. Net non performing assets were placed at 2.12 per cent as against 2.80 per cent in the previous quarter.

The drop in the non performing assets by SBI is good news for government owned banks with Bank of Baroda, Oriental Bank of Commerce and Union Bank of India seeing their asset quality improving for the quarter ending March 31, 2015.

Read more about: sbi, state bank of india
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