SBI reports Q4 profit of Rs 838 crore, NPAs decline

New Delhi, May 10: State Bank of India (SBI) on Friday reported standalone net profit at Rs 838.4 crore for the March quarter of the financial year 2018-19 (FY19). The state-owned lender had posted a loss of Rs 7,711.17 crore in the year-ago period. Net interest income (NII) during the quarter came in at Rs 22,954 crore, up 15 per cent on year-on-year (YoY) basis.
Basic EPS (earnings per share) stood at Rs 0.94 against Rs 4.43 in the December quarter. Analysts had expected SBI to post a net profit of around Rs 3,900 crore, up 0.3 per cent on a sequential basis.
Gross slippages during the quarter under review stood at Rs 7,961 crore. Phillip Capital saw slippages around Rs 10,000 crore in the recently concluded quarter and expected strong recoveries from power sector accounts. “Slippages will mainly come from watch list… Containment of slippages and strong recovery from power sector NPA is likely to improve gross/net NPA (GNPA/NNPA),” said a Phillip Capital result preview note.
Gross NPAs declined to 7.53 per cent against 8.7l per cent in the previous quarter and l0.91 per cent in the corresponding quarter of the previous fiscal. Net NPAs during the period came in at 3.01 per cent against 3.95 per cent in the previous quarter and 5.73 per cent in the year-ago quarter.
Provisions rise
The bank has made a provision of Rs 16502 crore during the quarter ended March 31, 2019 as compared to Rs 6,006 crore in the December 2018 quarter on a standalone basis. For the fulll year ended March 2019, the state-owned bank has mae a provision of Rs 53.828 crore as against Rs 75,039 crore in the previous corresponding period.