State Bank of India (SBI) has reported a standalone net profit of Rs 1,581 crores for the quarter ending Sept 30, 2017, as against Rs 2,005 crores reported in the previous quarter. The net interest income was placed at Rs 18,586 crore, which was more or less in line with most estimates.
Shares in the bank gained after the asset quality of the bank improved. The shares of the company, which dropped sharply after quarterly profits dipped, rallied soon after, as investors digested the fact that asset quality had improved and the worst as far as NPA norms are concerned maybe behind.
The gross non performing asset of the bank improved to 9.83 from 9.97 in the previous quarter, while the net NPA improved to 5.43 per cent from 5.97 per cent.
The shares of the bank were last seen trading at Rs 320, a gain of 2 per cent on the exchanges. Check SBI stock quote here