3 weeks ago
SBI Q1 Results Beat Expectations, Asset Quality Stable; Stock Jumps
State Bank of India is the biggest bank in India, like a giant piggy bank for the country.
Every few months, it tells people how much money it earned.
This time, the bank made more money than many experts expected.
Its main earnings from lending grew by 15% compared to the same time last year.
The bank's overall profit also went up by about 10%.
The bank said the amount of loans people were not paying back stayed about the same, which is a good sign.
Because the news was good, the bank's share price went up by 2.5%.
The stock is still a little below its highest-ever price, but it has had a good year so far.
SBI reported a net profit of ₹21,121 crore for the June quarter, beating the CNBC-TV18 poll estimate of ₹19,145 crore and growing 10.2% year-on-year.
Net interest income rose 15% year-on-year to ₹46,992 crore, above the poll's projected ₹45,800 crore.
Asset quality stayed stable, with gross NPA at 1.47% and net NPA at 0.38%.
Provisions for the quarter jumped to ₹5,047 crore from ₹2,872 crore in the previous quarter.
SBI shares rose 2.5% to ₹1,111.8 after the results; the stock is up 13% for the year but below its record high of ₹1,234.
- Who
- State Bank of India (SBI), India's largest lender
- What
- Reported better-than-expected June quarter results, with net profit of ₹21,121 crore and net interest income of ₹46,992 crore
- Where
- India
- When
- Friday, August 7, for the quarter ended June
- Why
- Strong 15% growth in net interest income and stable asset quality drove results above analyst expectations
Key facts
- Net Profit
- ₹21,121 crore (up 10.2% year-on-year)
- Net Interest Income
- ₹46,992 crore (up 15% year-on-year)
- Gross NPA
- 1.47% of loans, versus 1.49% last quarter
- Net NPA
- 0.38% of loans, versus 0.39% earlier
- Provisions
- ₹5,047 crore, versus ₹2,872 crore in the previous quarter
- Share Price
- ₹1,111.8, up 2.5% after the results
- Poll Forecast
- CNBC-TV18 poll projected net profit of ₹19,145 crore and NII of ₹45,800 crore
- Record High
- ₹1,234; stock up 13% year-to-date
Quotes
SBI management
SBI senior management team
“The bank’s performance exceeded expectations, driven by strong core income growth and robust asset quality. Our focus remains on sustaining profitability while maintaining prudent risk management.”
CNBC TV 18
Sources
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