SBI registers a profit for the first time after 3 quarters, improves asset quality as well

The State bank of India has posted a standalone profit of Rs. 944.87 crore in the second quarter of FY19, reporting a 40.26% fall YoY from Rs. 1581.55 crore in the same quarter last year.

#SBI Q2 PAT At Rs 945 Cr vs Rs 1,582 Cr YoY, Gross NPA At 9.95%, Provisions At Rs 12090 Cr

Provision For Loan Losses At Rs 10180 Cr

PCR At 70.74% As On Sept 30@TheOfficialSBI #Q2WithBTVI pic.twitter.com/lBFAILmjuF

— BTVI Live (@BTVI) November 5, 2018

The SBI has also reported an improvement in Asset quality with gross NPA at 9.95% vs 10.69% in the previous quarter. The net NPA has also decreased to 4.84% from 5.29% in the previous quarter.

#2QWithCNBCTV18 | @TheOfficialSBI Q2 asset quality stable; gross NPA comes in at 9.95% vs 10.69% QoQ pic.twitter.com/1FG5ePyi8a

— CNBC-TV18 (@CNBCTV18Live) November 5, 2018

The mood appears to be positive as the bank has registered a profit for the first time after 3 quarters. “There is no looking back from here, numbers are going to look bigger and better,” Rajnish Kumar, chairman of the SBI, stated. Slippage ratio has dropped to 2% as well, which is the lowest in 6 quarters. The Gross Slippage has dropped sharply at Rs 10,888 crore Vs Rs 14349 crore (QoQ).