SBI Q1 results: Profit surges 81% YoY to Rs 4,189 crore on one-off gains

The profit came in much higher than a Rs 4,000 crore estimate that analysts had made in an ETNow poll.

SBI Q1 Results: Net profit up 81% to Rs 4,189 cr on one-time gain
State Bank of India (SBI) on Friday reported an 81 per cent year-on-year (YoY) surge in net profit at Rs 4,189.34 crore for the quarter ended June 2020 compared with a profit of Rs 2,312.20 crore in the same quarter last year.

The profit was lifted by one-off gains of Rs 1,539.73 crore on account of stake sale in arm SBI Life. Consequently, SBI's holding in the life insurance firm has fallen to 55.5 per cent from 57.60 per cent earlier.

The profit came in much higher than a Rs 4,000 crore estimate that analysts had made in an ETNow poll.


Net interest income (NII) for the quarter came in at Rs 26,641 crore which beat ET NOW poll estimate of Rs 24,500 crore. The NII figure stood at Rs 22,938 crore in the corresponding quarter last year.

The bank made Rs 12,501.30 crore provisions for the quarter, which were less than Rs 13,495.08 crore provisions made in the March quarter, but higher than Rs 9,182.94 crore in the same quarter last year.

State Bank of India Figures in Rs % change (YoY)
Profit 4,189.34 crore + 81
NII 26,641 crore + 16.14
Provisions 12,501.30 crore + 36.13

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The state-run bank has made additional provision of Rs 1,836 crore for Covid -related accounts. With this, total provisions pertaining to Covid 19 stood at Rs 3,008 crore, as on June 30.

The bank's provision coverage ratio (PCR) stood at 86.32 per cent,as of June 30, SBI said.

The bank said its gross non-performing assets as a percentage of total advances declined to 5.44 per cent in June quarter from 6.15 per cent in March quarter.
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