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SBI FY20 result: Profit rises to Rs 18,176 cr on one-time gain from SBI Card IPO proceeds

SBI results: On the quarterly basis, the bank reported a net profit of Rs 3,581 crore in the March quarter, as compared to Rs 838 crore in the corresponding quarter last year.

twitter-logoBusinessToday.In | June 5, 2020 | Updated 15:32 IST
SBI posts net profit of Rs 18,176 crore in FY20
SBI results: On the quarterly basis, the bank reported a net profit of Rs 3,581 crore in the March quarter

State Bank of India (SBI) on Friday reported a 492 per cent on-year rise in consolidated profit (before share of associates and minority interest) to Rs 18,176 crore in FY20 as against Rs 3,069 crore in the financial year 2018-19. Net Interest Income (NII) of the bank surged by 11 per cent in FY20 to Rs 98,085 crore as against Rs 88,349 crore in the FY19, SBI said in a regulatory filing.

On the quarterly basis, the bank reported a standalone profit of Rs 3,581 crore in the March quarter, as compared to Rs 838 crore in the corresponding quarter last year, driven by a one-time gain from the SBI Cards IPO proceeds. Stake sale in SBI Cards and Payment Services during the quarter raised Rs 2,731 crore. Net interest income (NII) fell 0.8 per cent on-year to Rs 22,766 crore in Q4FY20 due to moderate loan growth at 6.4 per cent.

The provisions for bad loans rose to Rs 11,894 crore in the January-March period, compared to Rs 8,193 crore in the quarter ended December 31."Exposure to severely stressed sectors by Covid-19 is less than 4 per cent of the book," SBI said.

Also read: SBI share price gains 4% ahead of Q4 earnings

Meanwhile, SBI's board will meet on June 11 to consider raising funds in single or multiple tranches totalling up to $1.5 billion. The public lender on Thursday disclosed the details about the fundraising plan in a recent regulatory filing.

"To examine the status and decide on long term fundraising in single/multiple to US$ 1.5 Billion (US$ One and a Half Billion) under Reg-S/144A, through a public offer and/or private placement of senior unsecured notes in US Dollar or any other convertible currency during FY 2020-21," SBI said in the regulatory filing.

Also read: Coronavirus crisis: Cash-strapped Finance Ministry says no new schemes till March 2021

Also read: Biocon's founder Kiran Mazumdar-Shaw named 'Entrepreneur Of The Year'

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