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SBI gains; StanChart says bank to revise debt numbers

Source : REUTERS
Last Updated: Mon, Nov 12, 2012 08:22 hrs
People walk in front of signboard displayed at head office of State Bank of India in Mumbai

Shares of State Bank of India rise as much as 1.5 percent after Standard Chartered Bank says SBI over-estimated its gross slippage for the July-September quarter, according to an email sent to clients.

Gross slippages at the bank should be at 71 billion rupees, in line with expectations and management guidance, StanChart said in its email.

StanChart added SBI was updating its numbers from Friday's July-September results and would clarify this at an investor conference call later in the day.

On Friday, SBI said gross slippages were at 85 billion rupees, as part of quarterly results that showed its smallest profit increase this year, which sent shares down 3.9 percent.

Net slippages and gross and net non-performing loans remain unchanged, Standard Chartered said.

Senior executives at SBI were not immediately reachable.

SBI shares were up 0.7 percent as of 12:57 p.m.




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