INSUBCONTINENT EXCLUSIVE:
SBI's credit advanced 6.17% mainly driven by personal retail loan growth of 15.17%.Shares of the country's largest lender - State Bank of
India surged as much as 4 per cent to hit record high of Rs 542 after it reported highest -ever quarterly profit in September quarter
SBI's net profit in second quarter of the current financial year jumped 67 per cent to Rs 7,627 crore from Rs 4,574.16 crore during the same
Sharp increase in net profit in September quarter came on account of steep decline in provisioning for bad loans and uptick in asset
quality.The bank's earnings were better than estimates as analysts polled by Reuters expected SBI to report net profit Rs 7,182 crore.The
Mumbai-based lender's provisioning for bad loans, declined 46 per cent sequentially to Rs 2,699 crore from Rs 5,030 crore in the previous
On an annual basis, its provisions more than halved from Rs 5,619 crore.State Bank of India's net interest income or the difference between
interest earned on loans and interest expended on deposits jumped 11 per cent to Rs 31,184 crore from Rs 28,181 crore.SBI's asset quality
improved in September quarter as its gross non-performing assets, as a percentage of total advances, came in at 4.90 per cent versus 5.32
per cent in the previous quarter
its gross NPAs stood at Rs 1.23 lakh crore.Net NPAs improved to 1.52 per cent versus 1.77 per cent in July June quarter.The bank's credit
advanced 6.17 per cent, mainly driven by personal retail loan growth of 15.17 per cent
Home loan, which constitutes 24 per cent of the bank's domestic advances, rose by 10.74 per cent annually, the country's largest lender
said.Total deposits at the bank grew at 9.77 per cent on a year-on-year basis (YoY) of which current account deposits advanced 19.20 per
cent and saving bank deposits rose by 10.55 per cent, SBI added.As of 2:33 pm, SBI shares traded 1.95 per cent higher at Rs 532,
outperforming the Sensex which was down 0.75 per cent.
