Moneycontrol Bureau
Net profit of State Bank of India jumped to Rs 3100 crore in the quarter ended September 30. During the quarter, its net interest income (NIIs) stood at Rs 13274 crore. This is almost in-line with CNBC-TV18 poll.
According to estimates, the country's largest lender was expected to post Q2 net profit growth of 30 percent at Rs 3096 crore from Rs 2375 crore in the year-ago period. Analysts expected NIMs to grow 11 percent to Rs 13588 crore versus Rs 12251 crore year-on-year.
SBI’s asset quality, a factor which most analysts were looking out for, was stable with Q2 gross non-performing assets as a percentage of total advances at 4.89 percent versus 4.9 percent quarter-on-quarter (Q-o-Q). Net NPA was at 2.73 percent versus 2.66 percent sequentially.
During the period, its net NPA stood at Rs 32997 crore versus Rs 31884 crore Q-o-Q while gross NPA was at Rs 60712 crore versus Rs 60434 Cr (Q-o-Q).
Provisions against bad loanswas at Rs 4275 crore versus Rs 3497 crore (Q-o-Q) while capital adequacy ratio (Basel III) was unchanged at 12.33 percent (Q-o-Q) in the second quarter. Its provision coverage ratio was at 63.18 percent as on September 30. During the period, its write-off was at Rs 4787 crore versus Rs 6556 crore (Q-o-Q).
Total NPAs recovery and upgradation was at Rs 2635 crore while restructuring stood at Rs 7046 crore. Fresh slippages in the second quarter was at Rs 7700 crore compared to Rs 9932 crore (Q-o-Q). The bank’s other income was at Rs 4571 crore versus Rs 3278 crore.
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