New Delhi: Shares of State Bank of India went lower by over 2 per cent on Monday after the firm reported an 8.34 per cent decline in its consolidated net profit for the January-March quarter.
The company’s stock dipped 2 per cent to Rs 783.65 on the BSE.
At the NSE, it went lower by 2.25 per cent to Rs 782 apiece.
State Bank of India on Saturday reported an 8.34 per cent decline in its consolidated net profit to Rs 19,600 crore for the January-March quarter compared to Rs 21,384 crore a year ago, impacted by a decline in net interest margins.
On a standalone basis, the net profit of the country’s largest lender declined to Rs 18,642 crore in the March quarter, from Rs 20,698 crore in the year-ago period.
The core net interest income of the bank increased 2.69 per cent to Rs 42,775 crore, despite a loan growth of over 12 per cent due to a lower net interest margin. NIM declined by 32 basis points year-on-year to 3.15 per cent.
Total income on consolidated basis, however, increased to Rs 1,79,562 crore in the last quarter of FY 2024-25 (FY25) from Rs 1,64,914 crore in the year-ago period.
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