SBI Q2 Result: State Bank of India net profit skyrockets 219 pct YoY; Gross NPA goes down 2.76 pct YoY
SBI Q2 Result: State Bank of India has logged 219 per cent rise in its net profit from Rs 945 Crores during Q2FY19 to Rs 3,012 Crores during Q2FY20.
SBI Q2FY20 Result: On account of 17.67 per cent YoY increase in Net Interest Income (NII) from Rs 20,906 Crores in Q2FY19 to Rs 24,600 Crores in Q2FY20; Non-Interest Income rising to Rs 12,023 Crores in Q2FY20 from Rs 9,375 Crores in Q2FY19, registering 28.24 per cent increase YoY, the State Bank of India (SBI) has logged 219 per cent rise in its net profit from Rs 945 Crores during Q2FY19 to Rs 3,012 Crores during Q2FY20. The largest commercial bank of India has been able to improve its Domestic Net Interest Margin by 3.22 per cent in Q2FY20. In its Q2FY20 results, the bank has reported that its Operating Profit increased to Rs 18,199 Crores in Q2FY20 from Rs 13,905 Crores in Q2FY19, an increase of 30.88 per cent YoY.
The SBI informed about the developments in its Q2FY20 report citing, "Bank’s Net Profit increased to Rs 3,012 Cr during Q2FY20 from Rs 945 Cr during Q2FY19, an increase of 219 per cent YoY. Net Interest Income (NII) increased to Rs 24,600 Crores in Q2FY20 from Rs 20,906 Crores in Q2FY19, an increase of 17.67 per cent YoY." SBI's written statement went on to inform that its Domestic Credit Growth at 8.43% YoY was mainly driven by Retail-Personal Advances (18.90 per cent YoY).
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Giving an idea about its achievements in regard to containing the Gross Non Performing Asset (NPA) the SBI Q2FY20 reported, "Gross NPA Ratio at 7.19 per cent is down 276 bps YoY as well as 34 bps sequentially. In absolute terms also, Gross NPA has declined both YoY as well as sequentially." Provision Coverage Ratio (PCR) improved significantly by 1049 bps YoY from 70.74 per cent as on September 2018 to 81.23 per cent as on September 2019. Sequentially also, PCR has improved by 189 bps.
"Cost to Income Ratio has improved from 55.96 per cent in Q2FY19 to 53.47 per cent in Q2FY20 while Capital Adequacy Ratio (CAR) has improved to 13.59 per cent as on September 2019, an increase of 98 bps YoY and 70 bps sequentially," informed SBI Q2FY20 results.
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