SBI Shares Tank Over 5% on Q1 Loss
Shares of SBI today tumbled over 5 percent after the lender reported a hefty loss of Rs 4,876 crore for the June quarter.
Following the results, shares of the company erased early gains and tanked 4.85 percent to Rs 301.10 on BSE.
On NSE, shares of the company dropped 5.32 percent to Rs 300.50.
The country's largest lender SBI today reported a hefty loss of Rs 4,876 crore for the June quarter due to higher bad loans.
The bank had earned a net profit of Rs 2,006 crore in the April-June period of the previous fiscal, SBI said in a regulatory filing.
The bank's gross non-performing assets (NPAs) rose to 10.69 percent of total advances at the end of June, against 9.97 percent a year ago.
However, net NPA marginally declined to 5.29 percent from 5.97 percent earlier.
Accordingly, gross NPAs increased to Rs 2,12,840 crore as on June 2018 from Rs 1,88,068 crore at the end of the same month last year.
(This story has not been edited by Devdiscourse staff and is auto-generated from a syndicated feed.)