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Shares of SBI Slump Over 3% on Weak Third Quarter Earnings

The SBI Group on February 9 reported a massive Rs 1,886.57 crore net loss for the December quarter of the current fiscal as its bad loans and provisions spiked.

PTI

Updated:February 12, 2018, 10:53 AM IST
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Shares of SBI Slump Over 3% on Weak Third Quarter Earnings
State Bank of India, the country’s largest lender, is reeling under mounting bad loans. (Reuters)
New Delhi: Shares of State Bank of India on Monday slumped more than 3 percent in morning trade on the bourses after the company reported weak third quarter earnings.

The SBI Group on February 9 reported a massive Rs 1,886.57 crore net loss for the December quarter of the current fiscal as its bad loans and provisions spiked.

It had, in contrast, reported a net profit of Rs 2,152.14 crore for the October-December quarter of the last fiscal, 2016-17.

Reacting to the numbers, shares of the company opened at Rs 288 and slumped 3.85 percent to touch an intra-day low of Rs 285 in morning trade on the BSE.

Similar movement was seen on the NSE as well where thecompany opened at Rs 288.25, then fell to a low of Rs 285.15, registering a fall of 3.79 percent over its previous closing price.

The nation's largest lender saw its net bad loans ratio spiking to 5.61 percent of advances, from 4.24 percent during the third quarter of 2017-18.

The gross dud assets ratio jumped meanwhile from 7.23 percent to cross the double digits mark at 10.35 percent during the quarter under review.

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| Edited by: Sanchari Chatterjee
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