State Bank of India reported 31.7 per cent year-on-year (YoY) drop in the standalone net profit for the quarter ended June 30 to Rs 2,520 crore was higher than ETNow estimate of Rs 2,475 crore. The largest public sector bank had reported a net profit of Rs 3,692.43 crore in the corresponding quarter of last financial year.
Net interest income (NII): Net interest income (NII) or the difference between revenue earned from the bank's assets and the expenses associated with paying out liabilities rose 6.4 per cent on a year-on-year basis (YoY) to Rs 14,612 crore for the quarter ended June 30. SBI reported NII of Rs 13,732 crore in the year-ago period.
Provisions: Net profit slipped after provisions for the quarter ended June 30 rose on a YoY basis. Total provisions for the quarter were recorded at Rs 7,410 crore, compared with Rs 4,000 crore on a YoY basis.
Provisions for bad loans stood at Rs 6,340 crore, which were higher than Rs 3,360 crore in the previous quarter, the bank said. Fresh slippages for the quarter stood at Rs 87,904 crore while the provision coverage ratio stood at 61.57 per cent.
Gross NPA: The bank said it non-performing assets (GNPAs) stood at 6.94 per cent in the first quarter, compared with 6.5 per cent in the fourth quarter of FY16.
Net NPA: The pace of rise in NPA was slower than some of the peer PSU banks, lifting sentiment on the counter. The bank said net non-performing assets as a percentage on net advances rose to 4.05 per cent for the quarter ended June 30 compared with 2.2 per cent reported for the year-ago period and 3.8 per cent reported for the previous quarter.
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