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    State Bank of India's Q2 net profit surges 3 times, NPAs decline

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    State Bank of India's Q2 net profit surges 3 times, NPAs decline

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    India's largest public lender reported strong set of numbers on Friday with net profit surging 218 percent year-on-year (YoY) to Ra 3,011.73 crore as against Rs 944.87 crore in the corresponding quarter last year.

    India's largest public lender reported strong set of numbers on Friday with net profit surging 218 percent year-on-year (YoY) to Ra 3,011.73 crore as against Rs 944.87 crore in the corresponding quarter last year.
    Net interest income during the July-September quarter plunged 77.95 percent YoY to Rs 4,609.32 crore as compared to Rs 20,905.69 crore in the same quarter last year.
    Net NPAs dropped to 2.79 percent as compared to 3.07 percent in Q1FY20. Gross NPAs improved to 7.19 percent from 7.53 percent quarter-on-quarter (QoQ).
    The Bank during the quarter reported a one-time gain of Rs 3,848 crore on sale of partial investment in SBI Life Insurance.
    The Bank's retail segment revenue witnessed a rally of 12.83 percent YoY at Rs 32,708 crore, while the corporate segment grew 4.19 percent to Rs 21,452 crore.
    Slippages dropped to Rs 9,126 crore v/s Rs 13,995 crore QoQ, while provisions increased 43.1 percent QoQ to Rs 13,139 crore v/s Rs 9,183 crore.
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