The News International Team
Sharad Sharma, Managing Director, State Bank of Mysore expects the public sector lender’s NII growth to improve to 12-14 percent in the second half of FY15.
Speaking to CNBC-TV18 about the financial performance of the bank in the quarter gone by , he said that the bank is now focussed on retail growth and its net interest margin is stable at 3-3.1 percent.
The bank is looking at gross NPA of around 4 percent by FY15-end, he said. Further, there has been a steady reduction in slippages over last three quarters.
Meanwhile, the bank is not planning to move on rates in the next three months. Also, it has no merger plans in the foreseeable future, he added.
02:00pm Market Check
Equity benchmarks extended gains in afternoon trade with the Sensex rising 109.70 points to 26862.60 and the Nifty climbing 34.15 points to 8025.85 supported by banking & financials, healthcare and Tata group stocks.
About 1396 shares have advanced, 1336 shares declined, and 115 shares are unchanged.
Ranbaxy Labs surged 7 percent after reporting a profit of Rs 478 crore in September quarter compared to loss of Rs 454 crore in the year-ago period due to no settlement provision, lower expenses and higher sales. Sun Pharma, which is going to become the owner of Ranbaxy soon, rallied 5 percent.
India’s largest lenders State Bank of India and ICICI Bank rallied 2 percent each. Cipla, Gail India and Tata Power too gained more than 2 percent followed by HDFC, Tata Motors and Mahindra & Mahindra with over a percent gain.
However, Hero Motocorp, Bharti Airtel, BHEL and HUL fell 1-2 percent. Reliance Industries, Infosys, ONGC, Axis Bank, Dr Reddy’s Labs and Maruti declined over 0.5 percent.