Begin typing your search above and press return to search.

State Bank of India(SBI) posts Q1 profit of Rs 2,312 crore

State Bank of India(SBI) posts Q1 profit  of Rs 2,312 crore

Sentinel Digital DeskBy : Sentinel Digital Desk

  |  3 Aug 2019 7:58 AM GMT

Mumbai: Riding on lower provisioning and improved asset quality, state-run State Bank of India(SBI) on Friday reported a net profit of Rs 2,312 crore during the first quarter ending June against a net loss of Rs 4,876 crore during same period of 2018-19.

India’s largest lender’s April-June profit was 176 per cent higher sequentially over the net profit registered during the fourth quarter of the last fiscal. In the January-March quarter, the bank reported a net profit of Rs 838.40 crore. Though the bank’s bottomline jumped substantially, its gross slippage during the quarter in consideration stood at a five-quarter high of Rs 16,212 crore, against Rs 7,961 crore in the previous quarter.

The asset quality in the June quarter was stable with gross non-performing assets (NPAs) as a percentage of gross advances flat at 7.53 per cent compared to the previous quarter, though net NPAs as a percentage of net advances inched up by 6 basis points (bps) sequentially to 3.07 per cent. The operating profit increased by 10.63 per cent over the same quarter last year. Excluding the one-off item in the first quarter of 2018-19, operating profit has increased year-on-year (YoY) by 31.89 per cent.

Net interest income (NII) during the quarter in consideration grew by 5.23 per cent YoY. Excluding the one-off item the the corresponding quarter last year, NII saw healthy growth at 5.45 per cent YoY. NII had grown 5.2 per cent year-on-year to Rs 22,938.8 crore in June quarter of 2018-19. (IANS)

Also Read: State Bank of India Reduces the Interest Rate on Term Deposits

Next Story