SBI Q1 Results: Profit More Than Doubles On Higher Other Income
India's largest lender State Bank of India's first-quarter profit more than doubled on higher interest income and lower provisions.
The lenders' net profit surged 178.25% year-on-year to Rs 16,884.3 crore for the quarter ended June 30, according to an exchange filing. In the quarter ended March 31, the lender reported a net profit of Rs 16,695 crore.
Analysts polled by Bloomberg estimated a Rs 14,948.66 crore net profit for the first quarter.
Net interest income, or core income, was up 24.71% at Rs 38,904.9 crore. Other income too rose 421.73% year-on-year to Rs 12,063.4 crore.
Asset quality for the quarter improved, with the gross non-performing asset ratio improving two basis points quarter-on-quarter to 2.76%. The net NPA ratio declined to 0.71% as of June 30, compared to 2.78% as of March 31.
The bank's fresh slippages more than doubled sequentially and stood at Rs 7,659 crore, compared to Rs 3,185 crore in the March quarter. The lender's recoveries and upgradation stood at Rs 3,607 crore, compared with the previous Rs 4,200 crore.
Provisions for the quarter fell 43.05% year-on-year to Rs 2,501.3 crore. SBI's CASA ratio dropped 92 basis points quarter-on-quarter to 42.88%.
Deposits rose 12% from a year ago to Rs 45.3 lakh crore. Gross advances were at Rs 33 lakh crore, up 13.9% year-on-year, compared with the previous Rs 29 lakh crore.
Here, the growth was led by domestic retail loans that were up 16.46% year-on-year at Rs 12.04 lakh crore, followed by SME at Rs 3.69 lakh crore, up 18.27%; agriculture loans at Rs 2.64 lakh crore, up 14% year-on-year; and domestic corporate loans, up 12.4% at Rs 9.82 lakh crore.
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