SBI profit jumps 3-fold to Rs 3,012cr

SBI profit jumps 3-fold to Rs 3,012cr

Agency News

Mumbai, 25 Oct 2019: Country's largest lender State Bank of India has reported a more than three-fold increase in Q2 FY20 profit to Rs 3,012 crore compared to Rs 944.87 crore in same period last year.

Net interest income grew by 17.7 percent year-on-year to Rs 24,600 crore, with loan growth at 9.6 percent. Domestic net interest margin improved 21 bps QoQ to 3.22 percent and credit growth stood at 8.43 percent YoY.

Asset quality improved sequentially as well as YoY. Gross non-performing assets (NPA), as a percentage of gross advances (Rs 1.61 lakh crore), fell 34 bps QoQ to 7.19 percent. Net NPAs, as a percentage of net advances (Rs 59,939 crore), dropped 28 bps QoQ to 2.79 percent.

Fresh slippages fell significantly to Rs 8,805 crore at the end of September as against Rs 16,212 crore reported in the June quarter. Slippage ratio also declined to 1.57 percent in Q2, down 126 bps QoQ while credit cost dropped 6bps to 1.97 percent during the quarter.