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.
Net Interest Margins (NIMs) for the whole bank stood at 2.86%, compared to 2.81% in the previous quarter. Domestic NIMs stood at 3% from 3.01% last year and 2.93% in the previous quarter.
Gross Advances for the quarter grew by 18.6% from last year to ₹50.47 lakh crore, while deposits grew by 9.7% from the year-ago period to ₹60 lakh crore. CASA ratio for the quarter stood at 39.24% from 39.36% last year.
Slippages for the quarter have seen a marginal increase to ₹7,359 crore, compared to ₹5,548 crore in the previous quarter. Analysts, however, were working with a figure of ₹7,600 crore.
“I was little surprised that it hasn’t done too well, especially after some value unlocking, also with the SBI Mutual Fund IPO. The corporate loan book growing is a very healthy sign. You know, I’ve not seen 17-18% credit growth at a system level. Leading bank, doing double digit. I think that’s a very healthy sign for the economy as well. Corporate loan book is pointing to you know a larger capex cycle now coming into play, very strong set of numbers,” Gurmeet Chadha of Complete Circle told CNBC-TV18. “I think it’s a it’s a great set, and you would see maybe a little bit more re-rating for SBI as per my view,” he added.
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.
