- State Bank of India posted a 10.2% rise in standalone net profit to Rs 21,121 crore
- Net interest income increased 14.9% to Rs 46,992 crore, surpassing estimates
- Operating profit grew 9.8% to Rs 33,529 crore, above market expectations
State Bank of India reported a stronger-than-expected June quarter, beating Street estimates on profit, net interest income and operating profit, while continuing to improve its asset quality. The country's largest lender posted a 10.2% year-on-year increase in standalone net profit to Rs 21,121 crore, comfortably ahead of the Bloomberg consensus estimate of Rs 19,052 crore.
Net interest income rose 14.9% to Rs 46,992 crore, exceeding the estimate of Rs 46,214 crore, while operating profit increased 9.8% to Rs 33,529 crore, compared with the estimated Rs 30,403 crore. Interest income grew 8.5% year-on-year to Rs 1.28 lakh crore.
Gross non-performing assets declined to 1.47% from 1.49% in the March quarter, better than the Street expectation of 1.59%. Net NPA also eased to 0.38% from 0.39% sequentially, beating the estimate of 0.40%.
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Provisions rose sharply to Rs 5,047 crore, up 75.7% quarter-on-quarter from Rs 2,872 crore.
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