In the first quarter, the country's largest bank SBI had broken all the earnings records. Also the profit had reached close to Rs 17000 crore. But this time SBI has disappointed a lot. There has been a decline of about Rs 2600 crore in the bank's profit as compared to the first quarter. Whereas in the same period of the last financial year, the bank has made a profit of 8 percent. There has been an increase of 12 percent in interest income. Let us also tell you what the quarterly figures of SBI are telling.
Quarterly results were seen like this
State Bank of India has released the September quarter results on Saturday. The net profit of the bank has increased by 8 percent in the same period of the last financial year and the figure reached Rs 14,330 crore. Whereas in the June quarter the company's profit was Rs 16884 crore. This means that the company has lost profits of about Rs 2600 crore. At the same time, the difference between interest received and interest spent increased by 12 percent to Rs 39,500 crore. On the other hand, the bank's revenue in the September quarter has increased by 26.4 percent to Rs 1.12 lakh crore compared to the same quarter of the last financial year.
There has been a big decline in provisions and contingencies to Rs 115.28 crore, which was Rs 3,039 crore a year ago. Bad assets provisions also reduced from Rs 2,011 crore to Rs 1,815 crore. By the end of September, the gross NPA ratio was 2.55 percent, which was 3.52 percent a year ago and 2.76 percent in the first quarter. The net NPA assets ratio at the end of September was 0.64 percent, which was 0.80 percent a year ago and 0.71 percent in the first quarter.
Increase in loan
SBI said in the press release that in the second quarter, credit cost increased by 6 basis points on annual basis to 0.22 percent. Domestic net interest margin declined by 0.12 percent year-on-year to 3.43 percent in the quarter. However, margins for the six months ended September increased 0.06 per cent year-on-year to 3.45 per cent. In the September quarter, loans have increased by 12.39 percent on an annual basis, advances have increased by 13.2 percent. The growth in domestic advances was led by SME loans at 23 per cent, followed by retail personal loans at 16 per cent.
Agri and corporate loans have seen an increase of 15 percent and 7 percent respectively. Bank deposits have seen an annual growth of 12 percent. Out of which CASA deposits increased by 5 percent annually. By the end of September the CASA ratio was 41.88 percent. On Friday, SBI shares closed 1 per cent higher at Rs 578.15 on the National Stock Exchange.
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