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Earnings

SBI reports 81% rise in Q1 net profit at Rs 4,189.3 crore; asset quality improves

Updated : July 31, 2020 03:44 PM IST

Net interest income (NII) was also higher at Rs 26,641.6 crore as against estimates of Rs 23,940.3 crore.

Net Interest Margin (NIM) improved to 3.24 percent, registering an increase of 23 bps, YoY.

State Bank of India (SBI), the country's largest state-run lender, reported 81 percent YoY rise in net profit at Rs 4,189.3 crore in the first quarter of fiscal 2021 beating CNBC-TV18 analysts' poll estimates of Rs 3,222.2 crore. The bank had reported a net profit of Rs 2,312.20 crore in the year-ago quarter.

Profit was led by one-time gain of Rs 1,539.73 crore during the quarter on account of 2.1 percent stake sale in its subsidiary SBI Life Insurance Company.

Net interest income (NII) was also higher at Rs 26,641.6 crore as against estimates of Rs 23,940.3 crore. NII grew by 16.14 percent, YoY. Domestic Net Interest Margin (NIM) improved to 3.24 percent, registering an increase of 23 bps, YoY.

Operating profit increased to Rs 18,061 crores in Q1FY21 from Rs 13,246 crores in Q1FY20, an increase of 36.35 percent, YoY.

Asset quality improved as gross non-performing assets (GNPA) as a percentage of gross advances declined by 71 bps to 5.44 percent from 6.15 percent while net NPA as a percentage of net advances fell by 37 bps to 1.86 percent from 2.23 percent in the previous quarter.

Gross NPA fell 13 percent to Rs 1.29 lakh crore from Rs 1.49 lakh crore while net NPA decreased by 17.7 percent to Rs 42,703 crore from Rs 51,871 crore, QoQ.

The moratorium was at 9.5 percent of the total loan book at the end of June quarter, against 23 percent in the March quarter.

The bank's provisions in Q1FY21 came in at Rs 9,420.5 crore versus Rs 11,893 crore, QoQ, and versus Rs 11,648.5 crore, YoY.

The bank has made provision for balance amount of Rs 5,230.4 crore towards fraud accounts.

Provision Coverage Ratio as on June 30, 2020 was 86.32 percent.

SBI reported fresh slippages at Rs 3,637 crore versus Rs 8,101 crore, QoQ.

At 2:25 pm, the shares of SBI 4 percent higher at Rs 194 on the BSE.

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