SBI Q1 net slips 31.7% at Rs 2,520.96 cr

12/08/2016 13:07

India’s biggest public sector lender the State Bank of India (SBI) has reported a 31.7 per cent drop in net profit for the first quarter ended June 30, 2016 at Rs 2,520.96 crore as provisions jumped.

In Q1 FY 2015-16, the state-run lender had posted a net profit of Rs 3,692.43 crore, the State Bank of India (SBI) said in a filing to the Bombay Stock Exchange (BSE).

Net interest income climbed 4.23 per cent at Rs 14,312 crore in Q1 FY 2016-17 from Rs 13,732 crore in the same period a year ago.

Other income rose 44 per cent at Rs 7,335 crore in Q1 FY 2016-17 from Rs 5,088 crore in the same period a year ago.

Total income climbed 9.4 per cent at Rs 48,929 crore in Q1 FY 2016-17 from Rs 44,730.9 crore in the same period a year ago.

Provisions (other than tax) and contingencies rose 85 per cent to Rs 7,413 crore in Q1 FY 2016-17 from Rs 4,000 crore in the same period a year ago.

The percentage of gross non-performing assets (NPA) climbed to 6.94 per cent as at June 30, 2016 from 4.29 per cent a year ago, while that of net NPA rose to 4.05 per cent from 2.24 per cent.

Shares of SBI jumped 8.26 per cent to Rs 245.7 a piece at 13:02 PM IST on the BSE on Friday as Q1 profit beat estimates.

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