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SBI Q2 net up 12%, beats analyst estimates, but NPAs soar
State Bank of India's (SBI) second quarter (July-September) net profit rose to forecast-beating 12.34% year-on-year to Rs 2,810 crore on higher net interest income (NII), the difference between interest earned and expended.
India's largest lender the State Bank of India's (SBI) second quarter (July-September) net profit rose to forecast-beating 12.34% year-on-year to Rs 2,810 crore on higher net interest income (NII), the difference between interest earned and expended.
A CNBC-TV18 poll expected 3.5% growth in net profit at Rs 2,589 crore and NII at Rs 9,958 crore, a rise of 23% Y-o-Y.
During the quarter, NII climbed more than 28% to Rs 10,422 crore. Gross non performing asset (NPA) ratio increased from 3.52% to 4.19% quarter-on-quarter. The net NPA ratio too deteriorated from 1.61% to 2.04% sequentially. Accordingly, provisions for NPAs jumped more than 35% Y-o-Y to to 2,921 crore.
Provision coverage ratio stood at 63.50% as on September 30. In the first half of financial year 2011-12, SBI made additional provision of Rs 1,100 crore.
