Published: Sun, November 12, 2017
Sports | By Ivan Ross

SBI shares zoom 8% on Q2 net profit

SBI shares zoom 8% on Q2 net profit

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.

SBI Chairman Rajnish Kumar said the robust growth in other incomes -fees, commission and treasury - helped boost bottom line.

At 14:06 hours IST, the stock price was quoting at Rs 333.10, up Rs 19.35, or 6.17 percent amid high volumes on the BSE.

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State Bank of India (SBI) on Friday reported a 38 per cent decline in its standalone net profit at Rs 1,581.55 crore for the quarter ended September 2017 against Rs 2,538.32 crore. Provisioning for NPAs or bad loans by the bank more than doubled to Rs 16,715.20 crore during the quarter under review, as against Rs 7,669.66 crore in the same period of last financial year. Gross slippages stood at Rs 10,627 crore, while fresh slippages were Rs 9,026 crore including slippages from retail comprising Rs 4,448 crore.

MD and CEO of Allahabad Bank Usha Ananthasubramanian said that the bank had made higher provisioning during the quarter as the provision coverage ratio increased to 54.33 per cent in the second quarter as against Rs 47.60 crore in the previous second quarter.

Its cost of deposit reduced to 5.46 per cent in the quarter under review as against 6.02 per cent in the same quarter past year. Announcing the results, SBI chairman Kumar said that the corporate loan book had shrunk because of deleveraging by corporates and shift in borrowing to bonds.

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Almost half of these came from the agriculture and small and medium enterprises accounts.

Its capital adequacy ratio (CAR) stood at 13.56 per cent with tier-I of 10.96 per cent at the end of September 2017. Net interest income rose nearly 3 percent from a year earlier to 185.86 billion rupees while total provisions including for bad loans rose almost 27 percent to 184.18 billion rupees, the lender, majority owned by the Indian government, said on Friday.

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