State Bank of India (SBI) has reported net profit of Rs 838.4 crore for the quarter ended March 31, 2019 on the back of higher provisions. The bank had reported loss of Rs 7,718 crore in a year ago period.
Its operating profit was up 6 percent at Rs 16,933 crore versus Rs 15,883 crore, YoY.
The net interest income (NII) of the bank rose 14.9% to Rs 22,954 crore versus Rs 19,974 crore.
The company’s gross NPA was down at 7.53 percent against 8.71 percent, while net NPA was down at 3.01 percent versus 3.95 percent, QoQ.
In absolute terms, the gross NPA was down to Rs 1.72 lakh crore from Rs 1.88 lakh crore, while net NPA was at Rs 65,895 crore against Rs 80,944 crore, QoQ.
The bank’s provision coverage ratio was at 78.73% versus 74.6%. Provisions for NPAs was at Rs 17,336 crore versus Rs 13,971 crore in the previous quarter and Rs 24,080 crore in the corresponding quarter of last year.
The bank has made a provision of Rs 3,984 crore (Total Rs 5,643.41 crore) for the year ended March 31, 2019 towards arrears of wages due for revision w.e.f November 1, 2017.
State Bank of India was quoting at Rs 299.45, up Rs 0.20, or 0.07 percent on the BSE.