India’s largest lender State Bank of India (SBI) has reported a net profit of Rs 2,312.20 crore in Q1 FY20 as against a net loss of Rs 4,876 crore in the comparable period previous fiscal. Notably, the lender’s net profit missed estimates as a Bloomberg poll had estimated the net profit to come in at Rs 4,106 crore in the three months to June 2019. Notably, the bank posted a higher net income on account of an improvement in interest income. Interest earned rose 6.5% to Rs 62,637.81 crore, while provisions for bad loans dived 10.7% in the quarter. In the latest quarter, SBI’s total provisions came in at Rs 11,648.45 crore, which was lower than the March quarter’s Rs 17,335.84 crore and year-ago’s Rs 13,037.90 crore. We bring to you key figures in a nutshell.
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SBI net profit jumps to Rs 2,312 crore; key figures in a nutshell
- SBI has reported a net profit of Rs 2,312.20 crore in Q1 FY’20 as against a net loss of Rs 4,876 crore a year ago, helped by higher interest income.
- Interest earned rose 6.5% to Rs 62,637.81 crore, while provisions for bad loans dived 10.7% in the quarter.
- The asset quality improved as gross bad loans as a percentage of total loans stood at 7.53% at the end of current quarter, flat over the previous quarter and lower than 10.69% in the same period last year.
- SBI’s total provisions came in at Rs 11,648.45 crore, lower than the March quarter’s Rs 17,335.84 crore and year-ago’s Rs 13,037.90 crore.
- SBI Q1 provision coverage ratio stood at 79.34% Vs 78.7% on-quarter; and loan growth slumped 2.3% on-quarter.
- The firm’s gross NPA came in at Rs 1.68 lakh as against Rs 1,73 lakh in the previous quarter.