State Bank Of India Fell Over 2 Percent On Monday Morning

Shares of State Bank of India fell over 2 percent on Monday morning even as the lender reported steady profit for December quarter. In fact, CLSA and Jefferies have hiked their targets on the stock.

The bank’s Q3FY19 net profit was up at Rs 3,955 crore against a loss of Rs 2,416.4 crore in same quarter last year.

Net interest income during the quarter grew by 21.4 percent year-on-year to Rs 22,691 crore with loan growth of 12.1 percent YoY and 4.6 percent QoQ.
Net NPA was at 3.95% versus 4.84%, while gross NPA was at 8.71% versus 9.95%, QoQ.

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