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    SBI Q4 results: Profit jumps four-fold to Rs 3,581 crore, exceeds Street estimates

    Synopsis

    The profit figure came in way higher than Rs 2,000 crore estimated by analysts in an ET NOW poll.

    SBI Q4 earnings: Net profit jumps four-fold to Rs 3,581 crore

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    State Bank of India (SBI) on Friday reported an over four-fold jump in net profit at Rs 3,580.81 crore for the March quarter compared with Rs 838.40 crore in the same quarter last year.

    The profit figure came in way higher than Rs 2,000 crore estimated by analysts in an ET NOW poll.

    Gross non-performing assets (NPAs) for the quarter eased sequentially to 6.15 per cent of total advances from 6.91 per cent in the December quarter and 7.53 per cent in the year-ago quarter.

    Total provisions and contingencies for the quarter fell to Rs 13,495 crore compared with Rs 16,501.89 crore in the year-ago quarter. This was, however, double the Rs 7,252 crore provisions the bank made in the December quarter.

    Net interest income (NII) for the quarter fell 0.81 per cent year-on-year (YoY) to Rs 22,767 crore from Rs 22,954 crore.

    Net interest margin (NIM)) for the quarter came in at 3.02 per cent, down 65 basis points sequentially against December quarter's 3.59 per cent and down 9 basis points YoY from March 2019's 2.94 per cent.

    The bank said a total of 21.8 per cent of its customers availed the RBI moratorium. In terms of the loan value, it stood at 23 per cent.

    SBI said 38.9 per cent of its corporate loans have been to PSUs and government departments. While 60.8 per cent of personal retail loans are to low-risk mortgages. It said that over 95 per cent of its unsecured personal lending is to government/PSU employees.

    "Exposure to severely stressed sectors by Covid-19 is less than 4 per cent of the book," the bank said.
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    18 Comments on this Story

    Soundararajan Mk40 days ago
    The profit of Rs.3,581 crores includes Rs.3,237 crores on sale of investments like SBI Card. Thus the actual operational net profit is only Rs. 344 crores. This was also achieved by drastically cuutin the interest rates on Savings Bank account and FDs.This is how the gullible share holders and the public are hoodwinked. What action taken on those responsible - Bank Executives and Politicians - for the huge loss of lakhs of crores of rupees lost through bad loans, is still a mystery, and the public are used for memory loss,as those responsible for this heinous crime by those concerned. As long as there are people who can be fooled, there will be looters of the public money. God save Indian public from the clutches of these fraudsters.
    Jagdish Kumar Bhargava40 days ago
    The results of SBI appear to be doubtful and manipulated one.The bank has skipped the Dividend this year too and it's interest rates on Deposits is abysmally lowest one.If the results are so good then they should have declared some dividend also but we did not see any trace of it.
    Rig Yogi40 days ago
    How is this possible given the abysmal economic environment? Very fishy.
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