State Bank of India reported a 14.7% growth in net interest income to ₹49,143 crore for the September quarter. The bank’s net profit rose 14.3% to ₹23,037 crore, beating analyst expectations. Asset quality remained stable as gross NPA fell to 1.39%. Shares cooled from highs after the results got announced.
Net Interest Income for State Bank of India, the country's largest lender grew by 14.7% from the year-ago quarter to ₹49,143 crore. A CNBC-TV18 poll was working with a figure of ₹47,901 crore.
State Bank of India Ltd., India's largest lender, reported results for the September quarter that were higher than analyst expectations across parameters.
Net Interest Income for India's largest lender grew by 14.7% from the year-ago quarter to ₹49,143 crore. A CNBC-TV18 poll was working with a figure of ₹47,901 crore.
Net profit for the period stood at ₹23,037 crore, higher than the CNBC-TV18 poll figure of ₹22,859 crore. On a year-on-year basis, SBI's profit grew 14.3%.
SBI's asset quality remained stable on a sequential basis. Gross NPA stood at 1.39% from 1.47% in June, while Net NPA improved to 0.36% from 0.38% in the previous quarter. On an absolute basis, SBI's Gross NPA stood at ₹72,529 crore, while Net NPA stood at ₹18,546 crore. During the June quarter, the gross and net NPA figures stood at ₹74,272 crore and ₹19,158 crore respectively.
Provisions for the quarter stood at ₹4,216 crore compared to the ₹5,046 crore reported in the June quarter.
Shares of State Bank of India are trading 0.6% higher after the results announcement, cooling slightly from the highs of the day at ₹993.8. The stock is flat on a year-to-date basis.