INSUBCONTINENT EXCLUSIVE:
Trending on et - budget 2019 full coverage »ETMarkets.com|Updated: Feb 01, 2019, 03.26 PM ISTThe public lender reported
7.40 per cent YoY jump in operating profit at Rs 12,625 crore in Q3 FY19, led by healthy growth in net interest income and lower growth in
NEW DELHI: India's largest lender SBI on Friday reported a profit of Rs 3,955 crore for the quarter ended December.
This was in stark
contrast to a loss of Rs 2,416 crore in the same quarter last year.
Analysts in an ETNow poll had projected a profit of Rs 3,200 crore
Here are key takeaways from SBI's Q3 earnings.
NII, lower expenses: The public lender reported 7.40 per cent YoY jump in operating profit
at Rs 12,625 crore in Q3 FY19, led by healthy growth in net interest income and lower growth in overhead expenses
The lender had reported Rs 11,755 crore operating profit in the year-ago quarter.Non-interest income drops: While net interest income showed
over 20 per cent growth for the quarter, growth in non-interest income remained largely tepid
Non-interest income declined 0.61 per cent to Rs 8,035 crore for the quarter, compared with Rs 8,084 crore in the year-ago quarter, mainly
due to 58.56 per cent drop in trading income
Net interest income, meanwhile, registered a healthy growth of 21.42 per cent to Rs 22,691 crore from Rs 18,688 crore in the year-ago
period.Asset quality improves: Gross NPAs for the quarter fell to Rs 1,87,765 crore as on December 31, from Rs 2,05,864 crore at the end of
Gross NPA ratio improved by 164 basis points YoY, or 124 basis points sequentially, to 8.71 per cent
Net NPA Ratio at 3.95 per cent improved by 166 bps YoY and 89 bps sequentially.Recovery on the rise: Recovery in written-off accounts
registered a strong 55.98 per cent YoY growth at Rs 2,107 crore in the December quarter, from Rs 1,351 crore the year-ago quarter.Provisions
and contingencies drop: The PSU lender made provisions at Rs 6,006.22 crore, 68 per cent lower on a YoY basis
The figure stood at Rs 18,876.21 crore in the same period last year and Rs 12,092.17 crore in the September quarter
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