Banking major State Bank of India (SBI) reported numbers far below market estimates. The PSU major's Q4 net profit tumbled nearly 99% year-on-year to Rs 21 crore on higher provisioning against non-performing assets and gratuity. The net interest income (NII) too was way below estimates at Rs 8,060 crore.
However, Diwakar Gupta, CFO, State Bank of India does not seem to be too dissatisfied. In an interview to CNBC-TV18, Gupta said that inherent performance of bank continues to be robust. Gupta elaborated that the bank is expecting additional significant provisioning in next two quarters. He said,Discover the latest Business News, Sensex, and Nifty updates. Obtain Personal Finance insights, tax queries, and expert opinions on Moneycontrol or download the Moneycontrol App to stay updated!
