- SBI's net interest income - the difference between interest earned on loans and interest paid on deposits - rose 14.91 per cent to Rs 22,953.83 crore compared with Rs 19,974.28 crore in the year-ago period.
- However, the bank's net profit fell short of Street estimates.
- Analysts had on an average expected the Mumbai-based bank to report a net profit of Rs 4,393 crore for the quarter, news agency Reuters reported citing Refinitiv data.
- The profit miss came on account of higher provisioning for bad loans, which rose 24 per cent to Rs 17,335.84 crore sequentially, according to SBI's regulatory filing.
- SBI said its provision coverage ratio (PCR) stood at 78.73 as of March 31, 2019.
- As per Reserve Bank of India norms, the bank provided Rs 34,554 crore for stressed accounts under the Insolvency and Bankruptcy Code (lBC).
- SBI's gross non-performing assets (NPAs) as a percentage of total advances declined to 7.53 per cent at the end of March quarter, from 8.71 per cent at the end of the previous quarter.
- Its total non-performing assets stood at Rs 1,72,750 crore at the end of March quarter compared with Rs 1,87,764 crore at the end of December quarter.
- SBI shares fell as much as 2.29 per cent on the National Stock Exchange in intraday trade.
- At 1:54 pm, the SBI stock traded 0.58 per cent lower at Rs 297.55 apiece on the bourse, underperforming the benchmark Nifty index which was flat.
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