SBI reports net profit of Rs 838 crore in Q4
Agencies | Updated: May 10, 2019, 14:47 ISTHighlights
- Revenue from SBI's retail banking business grew 15.3% to Rs 33,662 crore
- SBI witnessed improvement in its asset quality as gross NPAs reduced to 7.53 per cent of gross advances at end March 2019, as against 10.91 per cent by end of March 2018
(File photo)NEW DELHI: State Bank of India (SBI) reported a profit for the fourth quarter, compared with a record loss a year ago, as the country's largest lender benefited from better asset quality and higher income from its retail banking business.
Net profit came in at Rs 838 crore ($120.04 million) for the three months ended March 31, compared with the loss of Rs 7,718 crore reported last year that was caused by a surge in bad loans, the Mumbai-based state-run lender said.
Income (standalone) during the March quarter of 2018-19 rose by nearly 11 per cent to Rs 75,670.50 crore as against Rs 68,436.06 crore in the same period of the preceding fiscal, the bank said in a regulatory filing.
Revenue from SBI's retail banking business grew 15.3% to Rs 33,662 crore. Gross bad loans as a percentage of total loans, a measure of asset quality, eased 118 basis points at quarter-end, compared to the previous quarter.
For the full year 2018-19, bank reported a consolidated net profit of Rs 3,069.07 crore. While there was a loss of Rs 4,187.41 crore in the entire 2017-18.
State Bank of India (SBI) witnessed improvement in its asset quality as gross NPAs reduced to 7.53 per cent of gross advances at end March 2019, as against 10.91 per cent by end of March 2018.
Net NPAs or bad loans too trimmed down to 3.01 per cent as against 5.73 per cent.
Stock of SBI was trading 0.74 per cent down at Rs 297.05 on BSE in afternoon trade.
Net profit came in at Rs 838 crore ($120.04 million) for the three months ended March 31, compared with the loss of Rs 7,718 crore reported last year that was caused by a surge in bad loans, the Mumbai-based state-run lender said.
Income (standalone) during the March quarter of 2018-19 rose by nearly 11 per cent to Rs 75,670.50 crore as against Rs 68,436.06 crore in the same period of the preceding fiscal, the bank said in a regulatory filing.
Revenue from SBI's retail banking business grew 15.3% to Rs 33,662 crore. Gross bad loans as a percentage of total loans, a measure of asset quality, eased 118 basis points at quarter-end, compared to the previous quarter.
For the full year 2018-19, bank reported a consolidated net profit of Rs 3,069.07 crore. While there was a loss of Rs 4,187.41 crore in the entire 2017-18.
State Bank of India (SBI) witnessed improvement in its asset quality as gross NPAs reduced to 7.53 per cent of gross advances at end March 2019, as against 10.91 per cent by end of March 2018.
Net NPAs or bad loans too trimmed down to 3.01 per cent as against 5.73 per cent.
Stock of SBI was trading 0.74 per cent down at Rs 297.05 on BSE in afternoon trade.
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