SBI posts 3-fold jump in consolidated Q1 profit, but big spike in NPA spoils party

NEW DELHI: State Bank of India, the largest domestic lender, on Friday reported a three-fold jump in net profit (after minority interest) at Rs 3,031.88 crore for June quarter compared with Rs 2,817 crore estimated by analysts in an ET Now poll.

The lender had reported a profit of Rs 1,046 crore in the corresponding quarter last year.

However, what spoiled the party for the bank was its gross non-performing asset which rose to 9.97 per cent of gross advances in June quarter from 6.9 per cent in march quarter.

Shares of the bank declined as much as 4 per cent in the afternoon trade.

Net non-performing assets for the quarter came in at 5.97 per cent for the quarter, compared with 3.71 per cent in the fourth quarter of last year.

Consolidated NII stood at Rs 19323 crore for the quarter. ET Now poll had pegged it at Rs 18,558 crore.

In absolute terms, gross NPAs stood at Rs 1.88 lakh crore for the quarter compared with Rs 1.12 crore in march quarter.

During the quarter, the bank made fresh slippages (including associates) worth Rs 26,249 crore. Recoveries during the quarter stood at Rs 4.646 crore.