SBI net profit of Rs 5583 cr in December quarter up by 41% year-on-year
SBI Alert: The total standalone income for the state-run company stood at 767. 78 billion as against the total income during the corresponding period in FY19 at over Rs 703.11 billion, the bank said in its exchange filing
SBI Alert: The State Bank of India (SBI), the country`s largest lender by assets, reported a net profit of around Rs 5583 cr in the three months to December 31, from 3955 cr rupees a year earlier. The total standalone income for the state-run company stood at 76778 cr as against the total income during the corresponding period in FY19 at over Rs 70311 cr, the bank said in its exchange filing. The SBI's total income during the September quarter was at around Rs 72851 cr.
Gross NPAs as on March 31, 2019, as reported by the bank stood at Rs 172, 750 cr while the Net NPA reported by the bank was Rs 65, 895 cr. The Bank has made full provision against the said divergence as of December 3L, 2019, the bank's filing said. Provision Coverage Ratio as on December 31-, 2019 was 81.73 %.
Exceptional items represent a net profit of INR 3,190.97 crore on sale of partial investments in SBI Life Insurance Company Limited (a subsidiary). Consequently, the holding of SBI in the subsidiary has reduced to 57.60Yo from 62.10%.
As per RBI circular dated June 23, 2017, and August 28, 2017, respectively' for the accounts covered under the provisions of Insolvency and Bankruptcy Code (IBC)' SBI is holding a total provision of INR 10,251 crore (79'960/o of the total as on December 31, 2019, the filing said.
At 2:40 pm the shares of SBI were trading at 318.80 on the Sensex, going up by 2.6% from the previous close.
SBI share price today: Anand Rathi Securities' Assistant Vice President Jay Thakkar has recommended a long strangle strategy for the State Bank of India (SBI) shares. This expert said that the investors willing to invest in SBI shares should keep a 'call' at Rs 320 levels while the 'put' at Rs 300 levels.
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Thakkar said that he expects the stock to do something 'big'. The stock is expected to do well he said. He added that with this strategy the stock could give a 20-30% returns on investment.
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