Weighed down by bad loans, State Bank of India has reported a 14 per cent dip in its first quarter standalone net profit at Rs 3,241 crore against Rs 3,752 crore in the corresponding year ago period.
During the quarter, bad loans increased by Rs 9,702 crore to Rs 60,891 crore as of June 30, 2013.
SBI’s gross non-performing assets rose to 5.56 per cent of total advances (from 4.99 per cent a year ago).
Consolidated net profit declined 12 per cent to Rs 4,298 crore in April-June FY14 against Rs 4,874 crore in the first quarter of the previous fiscal.
At 1 p.m., SBI shares were trading at Rs 1,600.25 per share, down 3.68 per cent, on the BSE.
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