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    SBI Q1 results: Profit surges 81% YoY to Rs 4,189 crore on one-off gains


    The profit came in much higher than a Rs 4,000 crore estimate that analysts had made in an ETNow poll.

    SBI Q1 Results: Net profit up 81% to Rs 4,189 cr on one-time gain


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    (SBI) on Friday reported an 81 per cent year-on-year (YoY) surge in net profit at Rs 4,189.34 crore for the quarter ended June 2020 compared with a profit of Rs 2,312.20 crore in the same quarter last year.

    The profit was lifted by one-off gains of Rs 1,539.73 crore on account of stake sale in arm SBI Life. Consequently, SBI's holding in the life insurance firm has fallen to 55.5 per cent from 57.60 per cent earlier.

    The profit came in much higher than a Rs 4,000 crore estimate that analysts had made in an ETNow poll.

    Net interest income (NII) for the quarter came in at Rs 26,641 crore which beat ET NOW poll estimate of Rs 24,500 crore. The NII figure stood at Rs 22,938 crore in the corresponding quarter last year.

    The bank made Rs 12,501.30 crore provisions for the quarter, which were less than Rs 13,495.08 crore provisions made in the March quarter, but higher than Rs 9,182.94 crore in the same quarter last year.

    State Bank of India Figures in Rs % change (YoY)
    Profit 4,189.34 crore + 81
    NII 26,641 crore + 16.14
    Provisions 12,501.30 crore + 36.13

    The state-run bank has made additional provision of Rs 1,836 crore for Covid -related accounts. With this, total provisions pertaining to Covid 19 stood at Rs 3,008 crore, as on June 30.

    The bank's provision coverage ratio (PCR) stood at 86.32 per cent,as of June 30, SBI said.

    The bank said its gross non-performing assets as a percentage of total advances declined to 5.44 per cent in June quarter from 6.15 per cent in March quarter.
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    18 Comments on this Story

    Gopalakrishnan Krishnan214 days ago
    Depositors contribute to banks profit as the bank had reduced not rate on all deposits. Borrowers loot. Depositors make up for the losses as they have no voice any where.
    Jebamoni Prabaharan214 days ago
    State Bank of India made profit of 20% or 80%, what it means to the investors ?. How much dividend you declared ? non-sense. 1) there should be no sale of a company share everyday, once an amount is invested it should be remain with the company till the financial year end and they declare dividend for a financial year. When a company is applying for an IPO they should mention how their business is profitable ? and how much they will give dividend to the investors. Prior to approve an IPO SEBI/RBI should get a guarantee on their profitability and the dividend they will give to the investors. Millions of people opened D-matte account and sitting in front of computer and selling buying shares, what is the productivity arise here ?. It is all not needed, simply the people are wasting their time without productivity. The Government / world bank should think about my idea. Mr. Raghuram Rajan, please give your comment on my idea. I am asking you because you are always making interviews / comments on Indian Economy without living in India, not at all a part of Indian Economy.
    Pramod Kumar214 days ago
    Very impressive performance by SBI.Monday should see some upward movement in the stock price.Congratulation to the C MD,SBI.
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