State Bank of India (SBI) reported standalone net profit of Rs 3,581 crore for the quarter ended March
State Bank of India (SBI) reported a standalone net profit of Rs 3,581 crore for the quarter ended March aided by a one-time gain of Rs 2,731 crore from stake sale in its subsidiary – SBI Card.
Operating performance was marked by reasonable loan growth and controlled expenses. However, higher provisions pulled down the profit. On the asset quality front, slippages or gross additions to non-performing assets (NPA) were contained and were lowest in the last four quarters.
But should SBI’s downward trending NPA be a matter to rejoice, knowing that COVID-19 is likely to hard hit the asset quality of the entire banking sector?