13th Feb,2012,Monday
State Bank of India, the country's biggest lender, beat market expectations with a 15 per cent rise in third-quarter net profit as interest income rose.
State-run SBI, which is exposed to some of country's biggest troubled borrowers, reported a net profit of Rs 3260 crore for the three months to December 31, up from Rs 2830 crore a year earlier.
Analysts, on average, had expected a 10 per cent rise in net profit to Rs 3120 crore, according to Thomson Reuters I/B/E/S.
The bank said in November it expected the margin to remain in a 3.5-3.65 per cent range in the current fiscal year ending in March.
SBI, which was downgraded by Moody's Investors Service in October because of its thin capital base and worsening asset quality, said its non-performing assets ratio was 2.22 per cent at end-December compared with 1.61 per cent a year earlier.
The bank is counting on a government capital infusion of $1.6 billion in the current fiscal year ending March 31, but has said it needs double that amount to maintain its capital adequacy ratio as it grows.
At 2:49 PM, shares in State Bank of India were trading at Rs 2149.00, down 1.08%.
State Bank of India, the country's biggest lender, beat market expectations with a 15 per cent rise in third-quarter net profit as interest income rose.
State-run SBI, which is exposed to some of country's biggest troubled borrowers, reported a net profit of Rs 3260 crore for the three months to December 31, up from Rs 2830 crore a year earlier.
Analysts, on average, had expected a 10 per cent rise in net profit to Rs 3120 crore, according to Thomson Reuters I/B/E/S.
The bank said in November it expected the margin to remain in a 3.5-3.65 per cent range in the current fiscal year ending in March.
SBI, which was downgraded by Moody's Investors Service in October because of its thin capital base and worsening asset quality, said its non-performing assets ratio was 2.22 per cent at end-December compared with 1.61 per cent a year earlier.
The bank is counting on a government capital infusion of $1.6 billion in the current fiscal year ending March 31, but has said it needs double that amount to maintain its capital adequacy ratio as it grows.
At 2:49 PM, shares in State Bank of India were trading at Rs 2149.00, down 1.08%.
Regards
KD
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