SBI's Post-Merger Q1 Net Profit Jumps To Rs 3,105 Crore

Danny Woods
August 11, 2017

Net interest margin (NIM) of the bank stood at 2.35 per cent during the quarter, lower than 2.69 per cent in the previous similar period.

In a regulatory filing in BSE, the bank said it has posted a net profit of Rs 2,005.53 crore, down from Rs 2,520.96 crore on a standalone basis, for the quarter ended June 30.

The operating income of the bank fell by 5.17 per cent to Rs 25,612 crore during April-June quarter of 2017-18, as against Rs 27,007 crore in the same period a year ago. The bank, she said, had been able to bring down the cost of deposits by increasing the percentage of CASA in the overall deposit base.

Total business of the bank stood at Rs 3.53 lakh crore, out of which overseas operations contributed Rs 14,444 crore, she said.

It had reported a net profit of Rs 2,520 crore in the corresponding quarter past year.

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It said it has worked out historical data of erstwhile five associate banks, BMBL and of itself for comparing first quarter results of this fiscal, from same quarter of 2016-17.

State Bank of India (SBI) provision coverage ratio as on June 30, 2017 stood at 60.79 per cent.

Net NPAs or bad loans too soared to 5.97 per cent of the net advances by June end of this fiscal, up from 4.36 per cent in the year-ago period.

Revenues from aluminium business were up by 9 per cent at Rs 5,008 crore, while EBITDA was in line with past year at Rs 875 crore.

Earnings before Interest, Tax, Depreciation and Amortisation was up 4 per cent at Rs 1,404 crore on account of higher aluminium and copper volumes.

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