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SBI Q2 profit Rs1,582 crore, misses estimates

12 November, 2017, 02:43 | Author: John Swanson
  • SBI Q2 profit slumps 38% YoY to Rs 1,582 crore as provisions more than double

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

He further said fresh slippages in Q2 were at Rs 9,026 crore against Rs 26,249 crore in previous quarter.

The bank is also witnessing good recoveries from retail and small and medium enterprises (SMEs) with its NPAs in retail declining to Rs 53,000 crore, of the total NPAs of Rs 1,86,115 crore. The stock market reacted positively to the improvement in asset quality.

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Shares of SBI jumped 6.20 per cent to settle at Rs 333.20 on the BSE on Friday. Standalone operating profit excluding exceptional item (part sale of SBI Life Insurance stake) grew 11.4 per cent year-on-year to Rs 14,563 crore. Net profits fell 21 percent on a sequential basis, the bank said.

During the quarter, gross NPAs rose to 14.10 per cent of gross advances, up from 12.28 per cent a year earlier. "SME and personal loans are showing good recovery, and agriculture will start showing once we get the loan waiver amount from the government", Kumar said. 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.

Drug firm Novartis India on Friday reported a 17.60% rise in its net profit to Rs26.12 crore for the quarter ended 30 September 2017.

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During the reporting quarter, SBI sold its shares in life insurance business SBI Life for Rs 5,436 crore. This includes provisions made for written-off accounts. Gross NPAs fell to 9.83 per cent of gross advances compared to 7.14 per cent a year ago.

Kumar does not expect credit growth to improve significantly in the second half of the current year. The sluggish loan growth was due to the corporates loan book shrinking. In an analyst call, Kumar said, "I don't understand you analysts".

On capital raising plans, the SBI chief did not indicate specific steps to raise more capital but added that at present the capital position of the bank was strong and would like it to be stronger.

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