State Bank (Q,N,C,F)* of India (SBI), the largest banking and financial services company in India, plunged Friday on concern over bad loans after the announcement of second quarter results, which showed a surge of 40.3% in net NPAs.
The bank reported a rise of 30.16% y-o-y in net profit to Rs 36.58 billion for the quarter ended Sept. 30, 2012.
Analysts on an average had expected net profit to come at Rs 34.44 billion. During the quarter, total income grew 12.21% to Rs 329.84 billion over same period last year.
The bank made provision of Rs 18.37 billion for September quarter which was 37.11% lower compared last year quarter.
Net NPAs was at Rs 226.15 billion, as compared to Rs 161.21 million as on corresponding quarter last year, representing an increase of 40.28%.
Meanwhile in percentage term, net NPA was at 2.44% as on the quarter ended Sept. 30, 2012, as compared to 2.04% in the year ago period.