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State Bank of India, the country’s largest lender, posted its first quarterly net profit drop in two years, missing market estimates after being dragged down by lower interest income and higher provisions for loan losses.
[caption id=“attachment_809197” align=“alignright” width=“380”]  Reuters[/caption]
The state-run bank posted a net profit of Rs 3299 crore in the quarter ended March, compared with Rs 4050 crore a year ago.
Net interest income, the difference between interest earned and interest expended, fell 4.4 percent to Rs 11080 crore.
Both the gross and net NPA (non-performing assests) came down on a quarter-on-quarter. Gross NPA came down to to 4.75 percent against 5.3 percent in the last quarter, net NPA came down to 2.10 percent against 2.59 percent.
According to Vaibhav Agrawal of Angel Broking, SBI results are not good due to high NPA levels and low NII.
“On the gross NPA, SBI has delivered a little bit better than Street expectations. This might have been possibly aided by strong recoveries and write-offs. But I think the net NPA is more or less in line or a bit higher. There is a Rs 2,000-crore sequential increase in net NPA and I think the reason for that is that it is not been able to provide that much because their NII itself has come in well below Street expectations. Overall, we would not call this a particularly good set of results,” he said in an interview with CNBC-TV18.
According to CNBC-TV18 estimates, analysts had expected a net profit ofRs 3568 crore.
The SBI stocks fell more than 6.5 percent and at 1.35 pm, it is trading at Rs 2204.10.
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