SBI Q1 profit rises 10.2% to Rs3,692 crore
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Mumbai: State Bank of India (SBI) on Tuesday beat market expectations with a 10.2% rise in net profit on higher other income and a fall in provisions.
Net profit for the quarter ended June was at Rs.3,692 crore compared with Rs.3,349 crore in the year-ago quarter. A Bloomberg poll of 28 analysts expected the bank to post net profit of Rs.3,408.70 crore for the first quarter in review.
SBI’s net interest income rose 3.62% to Rs.13,732 crore from Rs.13,252 crore in the year-ago quarter. Non-interest income, including treasury income, rose 20% to Rs.5,088 crore from Rs.4,252 crore in the year-ago quarter, the bank said in a filing with the exchanges. Income from treasury operations rose 27% to Rs.11,589 crore.
SBI’s provisions for bad loans fell to Rs.3,358 crore from Rs.3,903 crore in the year-ago quarter and Rs.4,635.43 crore in the fourth quarter.
The bank’s gross bad debt as a percentage of total advances, or gross non-performing asset (NPA) ratio, was at 4.29%, down from 4.9% in the year-ago period.
At 12.42pm, shares of SBI were trading at Rs.276.20 apiece, down 2.4% on BSE. The benchmark Sensex was trading at 27,953, down 0.5%.
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