State Bank of India saw a significant improvement in its asset quality. Gross non-performing assets (NPA) stood at 4.90 percent of gross advances in Q3FY15 against 4.89 percent in previous quarter and 5.73 percent in the year-ago period.
Public sector lender State Bank of India 's Q3 results surprised the street with the third quarter profit rising 30.3 percent year-on-year to Rs 2,910 crore. However, what added to more cheer was the quality of the bank's non performing assets.
The bank saw a significant improvement in its asset quality. Gross non-performing assets (NPA) stood at 4.90 percent of gross advances in Q3FY15 against 4.89 percent in previous quarter and 5.73 percent in the year-ago period.
This is in stark contradiction of other PSU bank's asset quality. The next three banks by size- Punjab National Bank (PNB), Bank of Baroda (BoB) and Bank of India (BoI) have shown over 10 percent.
This poor asset quality, Arundhati Bhattacharya, chairman, State Bank of India, says could be due to the fact that both BoB and PNB do not have a chairman.
"We too have had large slippages but have managed to hold the entire quality steady by working on insuring they are taken care of at the very beginning. The stress hasn't disappeared, but we need to have better management and monitoring," she adds.
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SBI stock price
On February 16, 2015, at 11:00 hrs State Bank of India was quoting at Rs 310.25, up Rs 3.20, or 1.04 percent. The 52-week high of the share was Rs 2977.85 and the 52-week low was Rs 276.00.
The company's trailing 12-month (TTM) EPS was at Rs 16.61 per share as per the quarter ended December 2014. The stock's price-to-earnings (P/E) ratio was 18.68. The latest book value of the company is Rs 158.43 per share. At current value, the price-to-book value of the company is 1.96.
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