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State Bank of India Q2 Net Profit Triples to Rs 3,012 Crore

State Bank of India Q2 Net Profit Triples to Rs 3,012 Crore

Sentinel Digital DeskBy : Sentinel Digital Desk

  |  26 Oct 2019 11:15 AM GMT

New Delhi: Country’s largest lender State Bank of India has posted a mammoth increase of 219 per cent in net profit to Rs 3,012 crore in the second quarter of the current fiscal on yearly comparison basis.

The all-important Net Interest Income (NII) increased to Rs 24,600 crore in Q2FY20 from Rs 20,906 crore in Q2FY19, an increase of Profit of 17.67 percent YoY.

Domestic Net Interest Margin (NIM), another key metrics improved to 3.22 per cent in Q2FY20, registering an increase of 42 bps YoY and 21 bps sequentially.

Net NPA Ratio at 2.79 per cent is down 205 bps YoY, as well as 28 bps sequentially.

In absolute terms also, Net NPA has declined both YoY as well as sequentially.

Gross NPA Ratio at 7.19 per cent is down 276 bps YoY as well as 34 bps sequentially. In absolute terms also, Gross NPA has declined both YoY as well as sequentially.

In absolute terms also, net NPA has declined both YoY as well as sequentially. Gross Slippage at Rs 8,805 crore during Q2FY20, has declined from Rs 16,212 crore during Q1FY20.

The Bank’s Provision Coverage Ratio (PCR) improved significantly by 1,049 bps YoY from 70.74 percent as of September 2018 to 81.23 percent as on September 2019. Sequentially also, PCR has improved by 189 bps.

The credit Cost for the quarter has declined 8 bps YoY to 1.97 percent in Q2FY20. Cost to Income Ratio has improved from 55.96 percent in Q2FY19 to 53.47 percent in Q2FY20. (IANS)

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