SBI Q2 results: Net profit up at Rs 1840 crore, standalone profit slips by 37.9% | business news | Hindustan Times
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SBI Q2 results: Net profit up at Rs 1840 crore, standalone profit slips by 37.9%

On standalone basis, SBI’s profit declined by 37.9% to Rs 1,581.55 crore.

business Updated: Nov 10, 2017 14:51 IST
SBI mopped up about Rs 8,400 crore by diluting its stake in SBI Life Insurance through initial public offer during the September quarter.
SBI mopped up about Rs 8,400 crore by diluting its stake in SBI Life Insurance through initial public offer during the September quarter.(REUTERS)

The country’s largest lender SBI on Friday posted multi-fold jump in consolidated net profit at 1,840.43 crore for the second quarter ended on September 30, boosted by sale of its stake in SBI Life Insurance.

Its profit was just Rs 20.70 crore during the same quarter of the last financial year.

On standalone basis, SBI’s profit declined by 37.9% to Rs 1,581.55 crore, from Rs 2,538.32 crore on account of rise in bad loans.

Total income on standalone basis increased to Rs 65,429.63 crore in July-September 2017 against Rs 50,742.9 crore in the same period a year ago, State Bank India said in a filing to stock exchanges.

As of September 30, the bank’s gross NPAs deteriorated to 9.83% of gross advances, compared with 7.14% year a year ago. Similarly, the net NPAs rose to 5.43% from 4.19%.

Provisioning for non-performing assets (NPAs) or bad loans by the bank more than doubled to Rs 16,715.20 crore during the quarter under review, as against Rs 7,669.66 crore in the same period of last financial year.

In absolute terms, its gross NPAs rose to Rs 1,86,114.60 crore, from Rs 1,05,782.96 crore at the second quarter of the previous fiscal. Net NPAs increased to Rs 97,896.29 crore as against Rs 60,013.45 crore.

Total income on consolidated basis rose to Rs 74,948.52 crore during the second quarter of the current fiscal, from Rs 72,918.4 crore in the same period of 2016-17.

SBI mopped up about Rs 8,400 crore by diluting its stake in SBI Life Insurance through initial public offer during the September quarter.

SBI shares were trading at Rs 329.50, up 5.02% on BSE.