SBI STOCK RISES DESPITE 32% FALL IN PROFIT
The country’s largest bank State Bank of India (SBI) reported a 32 per cent drop in net profit in the June quarter, in line with estimates. SBI’s shares rose 7.1 per cent to Rs 243 at the close of trading on the BSE as the results showed a lower than expected sequential rise in bad loans. SBI, which accounts for over a fifth of India’s bank loans and deposits, said standalone net profit was Rs 2,521 crore for the three months to June 30 against Rs 3,692 crore reported in the same quarter a year earlier.