SBI Q1 results: PAT jumps 55% YoY to record high of Rs 6,504 cr, beats estimates

State Bank of India

MUMBAI: State Bank of India today said a 55% yr-on-yr upward push in net income to Rs 6,504 crore, its maximum ever, which turned into additionally sharply better than Street’s expectations. The bottom line of the lender turned into boosted through decrease provisioning and higher other earnings withinside the quarter.

Provisions and contingencies dipped 19.6 % on-yr to Rs 10,051. 96 crores withinside the said quarter, at the same time as different earnings soared 48.5 % to Rs 11,802.7 crore.

Although quarterly reserves are declining annually, it is likely that the quality of creditors' assets will deteriorate as the second wave of the COVID-19 pandemic begins. SBI's total non-performing assets ratio stood at 5.32%, down from 4.98% in the previous quarter. Likewise, lenders' net NPA was 1.77%, up from 1.50% in the previous quarter. In terms of assets, the country's largest lender reported a quarterly net interest income of 3.7% on an annualized basis of 26,642 crores. NIM fell 9 basis points year on year in the June quarter to 3.24%.

The non-interest business segment posted a good quarter with revenues of Rs 11,803, up 24.3% from the same period last year. Profit was Rs 18,975 despite a sharp rise in costs associated with Covid-related cost reductions during the quarter.

 Credit growth in the domestic market was 5.6% year-on-year, which is interpreted as reflecting stagnation in demand due to the second impact of COVID-19. Loans to individuals are showing a healthy 16.5% annual growth rate, followed by loans to agriculture and small businesses, lenders said. Growth in domestic demand for housing.

The cost of loans to lenders fell to 0.79% in the June quarter from 1.56% a year earlier. At the same time, the lender reported that the gap for the quarter was Rs 15,666crores. SBI shares reacted positively on the National Stock Exchange, climbing 3.1% to Rs 460.3.

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