The State Bank of India (SBI) announced a stand-alone net profit of 945 million rupees for the period April-September, thanks to a one-time gain and a reduction in the provision for bad debts. However, the profit is 40% lower than the profit of 1,581.55 crores of rupees in the corresponding period of the previous year. This could have been a fourth consecutive quarterly loss for the bank, without the one-time gain of Rs. 1,087.4 billion from the sale of investments in its property and casualty and merchant banking businesses.
In the three-month period ended September 30, the total revenue of the state-owned bank amounted to Rs 66,607.98 crore compared to Rp 65,429.63 crores during the same period of the year. previous. The lender's net income or basic income increased by 12% to Rs. 20,905 crore during the quarter compared to the same quarter of last year.
On a consolidated basis, SBI recorded a net profit of Rs. 576.46 crore compared with Rs. 1,840.43 crore in the previous quarter, a decrease of 69%. On the other hand, the total consolidated income of 79,302 crores of rupees on an amount of 74,948 crores of rupees during the same period of the previous fiscal year. The state-owned lender reported a net loss of Rs 4,230.44 in the first quarter of this year as a result of the increase in bad debt provisions.
READ ALSO: Live updates on the stock market: Sensex, Nifty close in red; UCO Bank, Axis Bank, SBI in the lead
The quality of the bank's assets improved, with the percentage of gross APNs standing at 9.95% for the September quarter, compared with 10.69% in the previous quarter and 9.83%. % for the corresponding quarter in 2017. NPCs or bad loans accounted for 4.84% of net advances, down 5.43% from the same period last year.
For the quarter, the bank's allowance for doubtful accounts was reduced from 16,842 crore to 10,381 crore rupees in the same period last year.
On Monday, SBI shares closed up 3.45%, to Rs 295.30 on BSE compared to the previous closing. The lender's shares reached an intraday maximum of Rs 299.90 and an intraday minimum of Rs 283.75.
At the same time, Sensex and Nifty, the national stock market benchmarks, ended the day in red amid weak global market signals and a weak rupee. While Sensex slipped below the 35,000 level to reach a low of 34,811.60 due to strong selling pressure, Nifty also reached a low of 10,477 to close at 10,524.