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SBI Q1 net profit rises to Rs 2,312 crore after 11% drop in provisions

SBI saw its interest income rise 6.5 per cent to Rs 62,638 crore during the quarter under review, from Rs 58,813 crore seen during the same period last year

twitter-logo BusinessToday.In        Last Updated: August 2, 2019  | 17:09 IST
SBI Q1 net profit rises to Rs 2,312 crore after 11% drop in provisions

State Bank of India reported a net profit of Rs 2,312 crore in the first quarter ended June 30, 2019 on the back of better asset quality and decline in loan provisions. The biggest lender in India had posted a net loss of Rs 4,876 crore in the corresponding quarter last year. The lender registered a 176 per cent quarter-on-quarter increase in net profit from Rs 838 crore seen during the March quarter, as per a filing to the Bombay Stock Exchange.

SBI saw its interest income rise 6.5 per cent to Rs 62,638 crore during the quarter under review, from Rs 58,813 crore seen during the same period last year. The Net Interest Income (NII) rose to Rs 22,939 crore during Q1 FY20, up 5.23 per cent from Rs 21,798 crore reported in Q1 FY19.

The asset quality also improved during the June quarter. SBI saw its gross NPAs decline 316 bps on an annual basis to 7.53 per cent, whereas net NPAs slipped 222 bps to 3.07 per cent during the quarter under review.

"PCR improved significantly by 1,009 bps from 69.25 per cent as on June 2018 to 79.34 per cent as on June 2019. Credit Cost at 2.03 per cent in Q1FY20, down 52 bps YoY. Capital Adequacy Ratio has improved from 12.83 per cent as at June 18 to 12.89 per cent as at June 19," SBI said in its statement.

After the results, SBI stock fell 3.20 per cent to day's low of Rs 307.20. As of 3:15pm, the stock was trading at Rs 308, with a decline of 2.90 per cent on BSE.

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