Saturday, 13 August 2016

SBI Q1 profit down 32%

SBI Headquarters, Mumbai.

SBI has said released it FY17 Q1 numbers. As per it, the profit fell 31.7 % year-on-year to Rs 2,520.96 crore.

Overall earnings met analysts' expectations and the major positive was that the bank managed to lower its slippages significantly on sequential basis that drove the stock higher by 9 % intraday.

Net interest income, the difference between interest earned and interest expended, grew by 4.2 percent to Rs 14,312.31 crore on yearly basis.

Advances (loans) during the quarter grew by 10.7 % to Rs 14.16 lakh crore while deposits jumped 10.5 % to Rs 17.82 lakh crore Q1 YoY.

Profit was estimated at Rs 2,504.9 crore and net interest income at Rs 14,489.5 crore for the quarter.

The official press released detailing the Q1 numbers can be read here.

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