State Bank of India Q2 profit misses estimates

State Bank of India Q2 profit misses estimates

State Bank of India Q2 profit misses estimates

It's loan assets degrew marginally at Rs 1.52 lakh crore while Ananthasubramanian said signs are visible for better credit demand in the next two quarters.

In absolute terms, its gross NPAs rose to Rs 186,114.60 crore, from Rs 105,782.96 crore at the second quarter of the previous fiscal. The stock market reacted positively to the improvement in asset quality.

SBI Chairman Rajnish Kumar said the robust growth in other incomes -fees, commission and treasury - helped boost bottom line. Net interest margin was up nine basis points sequentially to 2.59 per cent.

Bank of India, the country's sixth biggest lender by assets, reported a 41 percent jump in second-quarter profit, handily beating analyst estimates, with its bad loan ratio easing. Announcing the results, SBI chairman Kumar said that the corporate loan book had shrunk because of deleveraging by corporates and shift in borrowing to bonds. Since the nation's largest lender had merged its five associate banks and Bharatiya Mahila Bank from April this year, the numbers are not comparable.

The net profit profit stood at Rs 20.70 crore during the same quarter of the last financial year.

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The lenders Net Interest Income (NII) - the core income a bank earns by giving loans - increased 27.3 percent to Rs 18,585.90 crore versus Rs 14,600.16 crore previous year. During the day, it surged 7.77 per cent to Rs 338.15.

The Rs. 8,400-crore SBI Life Insurance's IPO was oversubscribed 3.58 times during the offer period from September 20-22. The fee income was up by 6 per cent from Rs 5,054 crore. So, we thought it through to increase our provision coverage ratio at 65 per cent. This includes provisions made for written-off accounts. That was sharply lower compared to Rs 30,059 crore slippages reported in the June quarter.

Gross bad loans as a percentage of total loans stood at 9.83% at end-September compared with 9.97% at end-June.

To set aside enough buffers against the expected bad loans, SBI's provisions increased 87 percent over the previous three months to Rs 18,418 crore in the quarter ended September.

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