India's largest lender, State Bank of India (SBI) reported an almost 3-fold rise in net profits to Rs 3,032 crores for the quarter ending June 30, 2017 from Rs 1,046 crores reported in the previous quarter of last year.
The sharp fall in the asset quality took the markets by surprise. The stock of State Bank of India fell a huge 3 per cent, dragging stocks of many other PSU banks lower.
The write-offs at the bank was placed at Rs 13,176 crores, while the fresh slippages at the bank were placed at Rs 26,249 crores.
The shares of SBI were last trading at Rs 284, down 4 per cent from its previous close. Check stock quote of SBI here