SBI net profit jumps to Rs 2006 crore

Chennai: Country’s largest lender SBI reported over five-fold jump in net profit to Rs 2,006 crore for the June quarter, said a press release. Posting first quarterly earnings after the merger with its five associate banks and Bharatiya Mahila Bank Ltd (BMBL), the State-owned bank said in a statement that its net profit in the April-June quarter of last fiscal, 2016-17, was Rs 374 crore.

It said the figures, ratios and other information are based on the merged audited numbers. “Historical data has been arrived at by aggregating the audited numbers of the erstwhile associate banks, Bharatiya Mahila Bank and SBI for comparison purposes,” it said.

There were slippages with gross NPAs rising to 9.97 per cent of the gross advances as on 30 June 2017, from 7.40 per cent as at end-June 2016. Net NPAs or bad loans too soared to 5.97 per cent of the net advances by June end of this fiscal, up from 4.36 per cent in the year-ago period.

“Gross NPAs increased from Rs 1,37,662 crore as on June 2016 to Rs 1,88,068 crore as on June 2017,” SBI said in the release.

The operating income of the bank fell by 5.17 per cent to Rs 25,612 crore during April-June quarter of 2017-18, as against Rs 27,007 crore in the same period a year ago. Of the other key metrics, banks fee income increased to Rs 4,870 crore during first quarter of 2017-18, up 16.21 per cent from Rs 4,190 crore in same period year ago. However, net interest income decreased by 3.51 per cent to Rs 17,606 crore from Rs 18,246 crore year earlier. Non interest income also fell by 8.62 per cent to Rs 8,006 crore from Rs 8,761 crore.

On profitability front, SBI said there has been a fall of 8.4 per cent in interest income from advances during April- June of 2017-18 at Rs 36,142 crore from Rs 39,545 crore due to reduction on base rate/MCLR during the period. Deposits of the bank, as on June 2017 rose by 13.28 per cent to Rs 26,02,534 crore from Rs 22,97,426 crore.

         

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