State Bank of India Shares Slump as Profits Dip

Shares of State Bank of India fell by over 2% following a reported 8.34% decline in consolidated net profit for the January-March quarter. Profits dropped to Rs 19,600 crore, influenced by shrinking net interest margins. Despite loan growth, the bank's core net interest income rose marginally by 2.69%.

Shares in State Bank of India took a dip on Monday, falling over 2% as the company announced an 8.34% decrease in its consolidated net profit for the January-March quarter.

The stock price reached Rs 783.65 on the BSE and dropped by 2.25% to Rs 782 on NSE.

The decline in profits, down to Rs 19,600 crore from Rs 21,384 crore a year ago, was attributed to a decrease in net interest margins despite robust loan growth.

(With inputs from agencies.)