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Net profit for SBI stood at ₹21,121 crore, while the CNBC-TV18 poll had projected the figure to be ₹19,145 crore. On a year-on-year basis, SBI's net profit grew 10.2%.
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State Bank of India Ltd. (SBI), India's largest lender, reported its June quarter results that were better than analyst expectations on Friday, August 7.
Net Interest Income (NII) or core income for the quarter stood at ₹46,992 crore, a growth of 15% compared to the same quarter last year. A CNBC-TV18 poll was working with a figure of ₹45,800 crore, which would have implied a growth of 11.5% year-on-year.
Net profit for SBI stood at ₹21,121 crore, while the CNBC-TV18 poll had projected the figure to be ₹19,145 crore. On a year-on-year basis, SBI's net profit grew 10.2%.
Asset quality for India's largest lender remained stable with Gross NPA at 1.47% compared to 1.49% last quarter, while Net NPA stood at 0.38% from 0.39% earlier. In absolute terms, Gross NPA stood at ₹74,272 crore from ₹73,452 crore in March, while Net NPA stood at ₹19,158 crore from ₹18,830 crore earlier.
Provisions for the quarter stood at ₹5,047 crore, compared to ₹2,872 crore in the previous quarter.
Shares of SBI are trading 2.5% higher after the results announcement at ₹1,111.8. The stock is up 13% so far for the year, but remain below their record high of ₹1,234.
This is breaking news and will be updated with more details.
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