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1-min read

SBI Shares Surge 8% as Q2 Net Profit Triples to Rs 3,012 Crore

SBI on Friday said net profit increased to Rs 3,012 crore in the September quarter compared with Rs 944.87 crore in same period last year.

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Updated:October 25, 2019, 3:30 PM IST
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SBI Shares Surge 8% as Q2 Net Profit Triples to Rs 3,012 Crore
A file photo of an SBI branch in Kolkata. (Reuters)

State Bank of India (SBI) shares surged over 8% in intra-day trade on Friday after the lender reported a three-fold increase in profit for the second quarter ended September (Q2) along with an improvement in asset quality.

At 2:57 pm, SBI shares were trading at Rs 281.80, up 7.4%, after hitting an intra-day high of Rs 284.15. The stock has risen over 13% in the past one year.

SBI on Friday said net profit increased to Rs 3,012 crore in the September quarter compared with Rs 944.87 crore in same period last year. However, the profit included a one-time gain of Rs 3,484 crore on sale of partial investment in SBI Life Insurance.

The bank’s net interest income grew 17.7% year-on-year to Rs 24,600 crore during the September quarter, while loan growth stood at 9.6%. Domestic net interest margin, meanwhile, improved 21 basis points sequentially to 3.22%.

On the asset quality front, gross non-performing asset (NPA) as a percentage of gross advances fell 34 basis points sequentially to 7.19%, while net NPAs as a percentage of net advances dropped 28 bps to 2.79%.

Fresh slippages were also down significantly to Rs 8,805 crore at the end of September as against Rs 16,212 crore in the June quarter.

Provisions and contingencies during the quarter stood at Rs 13,139 crore, up 8.7% year-on-year and 43% sequentially. Provision coverage ratio also improved to 81.23% against 79.3% in the previous quarter.

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