State Bank of India Q3 net profit beat estimates; shares climb

India's largest bank in terms of assets, State Bank of India on Friday annouonced its financial result for the quarter ended on December 31. Beating the estimates, the bank reported a Standalone net profit of Rs 2,610 crore, a rise of 134% as against Rs 1115.3 crore during the same period in the last fiscal.

The bank's gross non-performing assets (NPAs) rose to 7.23% (Rs 1,08,172.32 crore) in Q3FY17 as against 7.14% (Rs 1,05,782.96 crore) in Q2FY17 and 5.10% (Rs 72,791.73 crore) in Q3FY16. 

The Net NPA during the quarter stood at 4.24% (Rs 61,430.45 crore) as compared to 4.19% (Rs 60,013.45 crore) in the previous quarter and 2.89% (Rs 40,249.12 crore) in the third quarter of the last fiscal. 

The total income of the bank increased from Rs 46,731 crore in Q3FY16 to Rs 53,587.5 crore in Q3FY17. During the quarter the bank's bad loan provisions stood at Rs 7,240 crore as against Rs 7,640 crore during the December, 2015 quarter. 

Soon after the announcement of the financial result, the shares of the bank surged. At 1312 hours the shares of the bank were trading at Rs 281 per piece, up 1.87% or Rs 5.15 on BSE.