Moneycontrol Bureau
State Bank of India has posted disappointing September quarter results with asset quality increasing. Country's largest lender's net profit slipped 34.6 percent at Rs 2538 crore in July-September, from Rs 3879 crore in corresponding quarter last fiscal. During the quarter, its net interest income (NII) climbed marginally by 1.3 percent at Rs 14437 crore against Rs 14253 crore in year-ago period.
The company's gross non-performing asset (NPA) was at 7.14 percent versus 6.94 percent and net NPA was at 4.19 percent versus 4.05 percent on sequential basis.
During the quarter, its gross non performing asset (GNPA) grew to 7.14 percent versus 6.94 percent while net NPA stood at 4.19 percent against 4.05 percent quarter-on-quarter. In absolute terms, gross NPA was at Rs 1.05 lakh crore against Rs 1.01 lakh crore and net NPA was at Rs 60013 crore versus Rs 57421 crore (QoQ).
According to CNBC-TV18 poll, SBI was expected to show a 30.5 percent degrowth in second quarter profit at Rs 2,697 crore on annual basis. According to average of estimates of analysts polled by CNBC-TV18, net interest income was seen rising 3 percent to Rs 14,683.8 crore on yearly basis.
Provisions in Q2 grew to Rs 7896 crore against Rs 7413 crore (QoQ). Capital adequacy ratio stood at 13.94 percent against 14.01 percent.
Key highlightsFresh slippages at Rs 10341 crore versus Rs 8790 crore, up 17.65 percent QoQ Provision for NPA at Rs 7670 crore vs Rs 6340 crore, up 21 percent QoQ Credit cost (annualised) at 214 basis points versus 179 bps QoQ, up 35 bpsWrite offs at Rs 6060 crore versus Rs 4613 crore, up 31.4 percent QoQ Other income at Rs 8424 crore, up 35.9 percent YoY and 14.9 percent QoQ Operating profit at Rs 11224 crore, up 9.3 percent YoY & by 1.5 percent QoQ
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