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State Bank of India(SBI) Q1 result, profit falls 20.4%

State Bank of India, India’s biggest lender by asset, on Friday reported 20.45% decline in its net profit for the June quarter as bad loans surged.
Net profit for the quarter was reported at Rs2,005.53 crore as compared to Rs2,520.96 crore a year ago. Fourteen analysts polled by Bloomberg had forecast a profit of Rs2,955.90 crore.
Provisions and contingencies surged 53.1% to Rs21,054.74 crore from Rs13,752.66 crore in the same quarter last year. Quarter on quarter, it fell 7.38% from Rs22,733.01 crore.

The bank said its results are not comparable with the previous year as it merged its six associate banks with itself during the quarter.
Asset quality worsened. As a percentage of total loans, gross non-performing assets (NPAs) spiked to 9.97% as compared to 6.9% in the previous quarter and 6.94% in the year-ago quarter. Net NPAs rose to 5.97% in the June quarter compared to 3.71% in the previous quarter and 4.05% in the same quarter last year.
Gross NPAs surged 85.21% to Rs1.88 trillion at the end of the June quarter from Rs1.01 trillion in the same quarter last year.
Net interest income (NII) or the core income a bank earns by giving loans increased 22% to Rs17,606.01 crore from Rs14,437.31 crore last year. Other income stood at Rs8,005.66 crore, up 11.03% from a year ago.
Advances for the quarter rose 27.37% to Rs18.04 trillion from a year ago. Deposits rose 46.02% to Rs26.03 trillion

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