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.
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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.
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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).