Saturday, February 2, 2019

SBI result pull down PSB stocks

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Despite good numbers from SBI, the PSB pack were down from 2 to 5% in Friday's trade. SBI has reported a net profit of Rs 3,955 crore in the third quarter ended December 31, 2018 against a net loss of Rs 2,416 crore in the year ago quarter.

The bottom line was boosted by a 21 per cent year-on-year jump in net interest income at Rs 22,691 crore and  decline in total provisions at Rs 8,670 crore.

Gross non-performing assets during the reporting quarter declined by Rs 18,099 crore to stand at Rs 1,87,765 crore as at December-end 2018.

SBI closed at Rs 282, down almost 4%. 

PNB, Canara and IDBI Bank lost 5% each. BoI lost 7%, Central Bank, UBI and BoB lost around 2%. Nifty PSU Bank index lost 3 percent.

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