SBI Q2 net up 40.23%, shares tumbles to one-and-a-half year lows

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New Delhi, Oct 27 (UNI) Shares in country's largest bank State Bank of India (SBI) slumped 13 per cent to one-and-a-half year lows on bad debt provisions, even after the public sector lender registered a 40.23 per cent growth in stand-alone net profit for the quarter ended September 30.

The Bank posted a net profit of Rs 2,259.72 crore for July-September 2008, against Rs 1,611.42 crore for the same period last year.

However, the results failed to upbeat the mood of investors on worries about the bad debt provisions as SBI shares touched a low of Rs 1,006.10, weakest since April 2007, in morning deals.

The provisions for bad debts increased to Rs 911 crore from Rs 247 crore billion in Q2 FY08.

The total income stood at Rs 17,909.64 crore for the Q2 FY09, where as the same was at Rs 13,658.22 crore for the corresponding quarter last fiscal.

The net non-performing assets decreased to 1.34 per cent from 1.42 per cent in the previous quarter.


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