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

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

"There is no looking back from here, numbers are going to look bigger and better," Rajnish Kumar, chairman of the SBI, stated

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.

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.

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).

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