Economy

State Bank Of India (SBI) Q2 Profit Misses Estimates

State Bank Of India (SBI) Q2 Profit Misses Estimates”

SBI, which accounts for more than a fifth of India's banking assets, said gross bad loans as a percentage of total loans fell to 9.83 percent at the end of September from 9.97 percent three months earlier.

State Bank of India (SBI), the nation's biggest lender by assets, reported a second-quarter profit compared with a loss year ago, and a sequential improvement in its bad-loan ratio, sending its shares higher.

It had reported a net profit of Rs 62.41 crore in the July-September quarter a year ago, India Cements informed BSE. Similarly, the net NPAs rose to 5.43 per cent from 4.19 per cent.

Gross non-performing assets (as a percentage of gross advances) were lower at 9.83 percent in Q2 against 9.97 percent in Q1 and net NPAs (as a percentage of net advances) were also lower at 5.43 percent against 5.97 percent QoQ. Advances during the quarter increased 1 percent to Rs 18.92 lakh crore while deposits grew by 10.3 percent to Rs 26.23 lakh crore YoY.

Following reduction in NPAs, provisioning for bad loans declined to Rs 1,866.52 crore during the quarter under review, as against Rs 2,189.65 crore in the same period of last financial year.

SBI mopped up about Rs 8,400 crore by diluting its stake in SBI Life Insurance through an initial public offer during the September quarter.

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