SBI account holder? Your bank has made possible this massive achievement
During this quarter, the bank turned its losses into profit, by bagging Rs 3,955 crore in Q3FY19 as against net loss of Rs 2,416 crorein corresponding period last year. Sequential growth is 318.56%.
Are you an SBI account holder? Well, you would be pleased to know that your bank has improved its performance and even managed to turn its losses into profit. The largest lender State Bank of India (SBI) has posted a robust December 2018 (Q3FY19) quarter. During this quarter, the bank turned its losses into profit, by bagging Rs 3,955 crore in Q3FY19 as against net loss of Rs 2,416 crorein corresponding period last year. Sequential growth is 318.56%.
Net Interest Income registered a healthy growth of 21.42% YoY from Rs.18,688 crore in Q3FY18 to Rs. 22,691 crore in Q3FY19.
Higher credit growth, better spreads and lower slippages led to Domestic Net Interest Margins increasing to 2.97% during Q3FY19.
One of the major key highlight of SBI's Q3FY19 was massive decline in stressed assets which restores faith of investors, customers and experts in the bank. Gross NPAs of the Bank declined from Rs 2,05,864 crore as on September 18 to Rs 1,87,765 crore as on December 18, whereas Net NPAs declined from Rs 94,81 crore to Rs 80,944 crore during the same period.
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Provision Coverage Ratio improved by 871 bps YoY from 65.92% as on December 17 to 74.63% as on December 18, whereas the same improved by 389 bps sequentially.
SBI's Domestic Advances registered a growth of 15.65% YoY from Rs 16,24,804 crore as on December 17 to Rs 18,79,053 crore as on December 18.
Retail Personal loans registered a growth of 17.57% YoY from Rs 5,21,026 crore as on December 17 to Rs 6,12,595 crore as on December 18. Home loans grew by 15.33% from Rs 3,01,087 crore as on December 17 to Rs 3,47,255 crore as on December18. Auto loans and Express Credit increased by 8.88% and 36.04%
respectively during the same period.
SME Advances grew by 9.48 % YoY from Rs 2,67,688 crore as on December 17 to Rs 2,93,060 crore as on December 18.
Meantime, domestic CASA Deposits grew by 7.79% YoY from Rs 11,48,138 crore as on December 17 to Rs 12,37,578 crore as on December 18
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