India’s Leading Bank SBI has announced his results : Check complete details

India’s leading bank State bank of India has declared his result on 25 Oct 2019 with more than 3X increase in profit of Q2 20 despite of higher provisions.

Sep Qtr Profit is Rs. 3012 Cr vs Rs. 944.87 Cr in same period last year main component of this is one time gain of Rs. 3484 Cr. On sale of partial investment in SBI Life Insurance.

Net Interest Income (NII) increased by 17.7% YoY to Rs. 24600 Cr. with loan growth at 9.6%.

Net Interest margin improved 0.21% QoQ to 3.22%

Credit growth is 8.43% YoY.

Gross NPA reduces 0.34% QoQ to 7.19%

Net NPA reduces to 0.28% QoQ to 2.79%

Slippage ratio reduced to 1.57% vs 2.83% QoQ & credit cost reduced to 1.97% vs 2.03% QoQ.

Other income, or non-interest income, grew by 9.3 percent YoY to Rs 8,538.4 crore, while pre-provision operating profit jumped 19.2 percent YoY to Rs 14,714.5 crore.

Expenses increased to Rs. 2048 Cr vs 868 Cr. in same period last year mainly due to an adjustment of deffered tax asset.

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