Shares of SBI fall on weak Q3 earnings
The country's largest lender's loss was due to its bad loans and increased provisions
The shares of State Bank of India (SBI) today fell more than 3% in the morning trade on the bourses after it reported last week a Rs 1,886.57 crore net loss for the December quarter of the current financial year.
The country's largest lender's loss was due to its bad loans and increased provisions. It had reported a net profit of Rs 2,152.14 crore for the same quarter a year ago.
The company opened at Rs 288 and slumped 3.85% to touch an intra-day low of Rs 285 in morning trade on the BSE.
Its net bad loans ratio spiking to 5.61% of advances, from 4.24% during the third quarter.
The gross dud assets ratio jumped from 7.23% to 10.35% during the quarter under review.