Take the pledge to vote

For a better tommorow#AajSawaroApnaKal
  • I agree to receive emails from News18

  • I promise to vote in this year's elections no matter what the odds are.
  • Please check above checkbox.

    SUBMIT

Thank you for
taking the pledge

Vote responsibly as each vote counts
and makes a diffrence

Disclaimer:

Issued in public interest by HDFC Life. HDFC Life Insurance Company Limited (Formerly HDFC Standard Life Insurance Company Limited) (“HDFC Life”). CIN: L65110MH2000PLC128245, IRDAI Reg. No. 101 . The name/letters "HDFC" in the name/logo of the company belongs to Housing Development Finance Corporation Limited ("HDFC Limited") and is used by HDFC Life under an agreement entered into with HDFC Limited. ARN EU/04/19/13618
LIVE TV DownloadNews18 App
News18 English
»
1-min read

SBI Posts Q1 Profit of Rs 2,312 Crore, Shares Drop 3%; Key Takeways from Earnings

State Bank of India's stock, however, dropped nearly 3% to Rs 308.25 in afternoon trade immediately after the earnings announcement.

Trending Desk

Updated:August 2, 2019, 3:49 PM IST
facebookTwitterskypewhatsapp
SBI Posts Q1 Profit of Rs 2,312 Crore, Shares Drop 3%; Key Takeways from Earnings
Image for Representation
Loading...

State Bank of India (SBI), the country’s largest lender, on Friday reported a stand-alone profit of Rs 2,312.20 crore for the first quarter ended June (Q1) compared with a loss of Rs 4,875.85 crore in the year-ago quarter on the back of lower provisions.

The stock, however, dropped nearly 3% to Rs 308.25 in afternoon trade immediately after the earnings announcement.

Here are key takeaways from SBI’s Q1 earnings:

- SBI’s net interest income (NII) grew by 5.2% year-on-year to Rs 22,938.8 crore in the June quarter.

- The bank’s loan growth during the June quarter stood at 13.8% year-on-year.

- SBI’s operating profit increased 10.6% year-on-year to Rs 13,246.2 crore.

- Domestic net interest margin (NIM) in the June quarter contracted 1 basis point sequentially to 3.01%, but expanded 6 basis points when compared with a year ago.

- Asset quality was stable, with gross non-performing assets (NPAs) as a percentage of gross advances flat at 7.53% in the June quarter compared with the previous March quarter. Net NPA as a percentage of net advances, however, rose 6 basis points sequentially to 3.07%.

- Gross slippages during the June quarter stood at Rs 16,212 crore, increasing by a huge 62.4% year-on-year and 116% sequentially. Consequently, slippage ratio increased significantly to 2.83% in the June quarter from 1.39% in the March quarter.

- Provisions for bad loans fell 32.8% sequentially and 10.65% year-on-year to Rs 11,648.5 crore in the June quarter.

- Provision coverage ratio also improved to 79.34% at the end of June 2019 from 78.7% at the end of March 2019 and 69.25% as of June 2018.

- SBI’s other income during the quarter grew by 20% to Rs 8,015.4 crore compared to the year-ago quarter.

Get the best of News18 delivered to your inbox - subscribe to News18 Daybreak. Follow News18.com on Twitter, Instagram, Facebook, TikTok and on YouTube, and stay in the know with what's happening in the world around you – in real time.

Subscribe to Moneycontrol Pro and gain access to curated markets data, trading recommendations, equity analysis, investment ideas, insights from market gurus and much more. Get Moneycontrol PRO for 1 year at price of 3 months. Use code FREEDOM.

Read full article
Loading...
Next Story
Next Story

Also Watch

facebookTwitterskypewhatsapp
Most Active
Company Price Change %Gain
Indiabulls Hsg 536.85 -2.52
Yes Bank 76.65 -3.52
Reliance 1,292.60 1.14
HDFC Life 524.55 -2.89
Axis Bank 685.00 1.38
Company Price Change %Gain
IndiGrid InvIT 86.50 -1.59
Indiabulls Hsg 536.55 -2.64
Yes Bank 76.70 -3.46
Reliance 1,292.10 1.15
HDFC Life 524.35 -2.95
Top Gainers
Company Price Change %Gain
Sun Pharma 426.00 2.72
Bharti Infratel 255.30 2.45
Tech Mahindra 670.35 1.72
Axis Bank 685.00 1.38
Larsen 1,352.20 1.27
Company Price Change %Gain
Sun Pharma 425.80 2.66
Axis Bank 685.00 1.40
Larsen 1,352.20 1.30
Reliance 1,292.10 1.15
ICICI Bank 423.40 1.01
Top Losers
Company Price Change %Gain
Yes Bank 76.65 -3.52
Grasim 732.35 -2.65
Indiabulls Hsg 536.85 -2.52
Power Grid Corp 207.05 -1.94
GAIL 127.30 -1.81
Company Price Change %Gain
Yes Bank 76.70 -3.46
Power Grid Corp 207.10 -1.96
ONGC 126.25 -1.48
SBI 286.70 -1.46
Coal India 199.05 -1.39

Live TV

Loading...
Countdown To Elections Results
To Assembly Elections 2018 Results