SBI consolidated Q1 net profit at Rs 3032 crore; gross NPAs rise to 9.97%

Key Highlights: 

• SBI consolidated net profit at Rs 3031.88 crore 
• SBI standalone net profit at Rs 2,006 crore 
• Provision coverage ratio at 60.79% and gross NPAs at 9.97% 

State Bank of India in its financial result for June 30, 2017 (Q1FY18) quarter ended reported consolidated net profit of Rs 3,031.88 crore rising by 189.85% compared to Rs 1,046 crore in the corresponding period of the previous year. 

Q1 net profit was also good against the net loss of Rs 2,977.70 crore in the preceding quarter.

Consolidated interest earned stood at Rs 56,818.52 crore in Q1 which was up by 1.38% year-on-year (YoY) but down by 6.09% on quarter-on-quarter (QoQ) basis. 

While consolidated interest expended was at Rs 37,495.41 crore, growing by 3.10% yoy but gradually down by 0.96%. 

SBI said, "Figures, Ratios and other information are based on the merged audited numbers for June 2017. Historical  Data has been arrived at by aggregating the audited numbers of the erstwhile Associate Banks, Bharatiya Mahila Bank and SBI for comparison purposes."

On standalone-front, net profit increased by 436% from Rs 374 crore in Q1FY17 to Rs 2,006 crore in Q1FY18. While net interest income (NII) decreased by 3.51% from Rs 18,246 crore in Q1FY17 to Rs 17,606 crore in Q1FY18.

Provisions for non-performing assets (NPA) stood at Rs 12,125.26 crore rising by 91.26% yoy and 10.30% qoq. While gross NPAs in value term were at Rs 188,068.49 crore higher versus Rs 112,342.99 crore of Q4FY17 and Rs 101,541.18 crore in Q1FY17.

In percentage terms, gross NPAs was at 9.97% in Q1FY18 compared to 6.90% in Q4FY17, In Q1FY17, gross NPAs of SBI alone stood at 6.94%.

Provision coverage ratio of SBI was at 60.79% as on June 30, 2017.

Merger of five associate banks  and Bharatiya Mahila Bank Limited has been in effect from April 01, 32017 and has been accounted under the pooling of interest method as per the Indian Accounting Standards.

Five associates were State Bank of Bikaner and Jaipur (SBBJ), State Bank of Hyderabad (SBH), State Bank of Mysore (SBM), State Bank of Patiala (SBP) and State Bank of Travancore (SBT). 

At 1336 hours, SBI was trading at Rs 288.50 per piece on BSE, down by Rs 9 or 2.71%. 

Key Things to know of SBI in Q1FY18. 

• Fee Income increased from Rs 4190 crore in Q1FY17 to Rs 4,870 crore in Q1FY18, a YoY growth of 16.21%. 
• Deposits of the Bank increased from Rs 22,97,426 crore as on June 16  to Rs 26,02,534 crore as on June 17 (growth of 13.28% YoY)
• Savings Bank Deposits increased from Rs 7,65,537 crore as on June 16 to Rs.9,45,040 crore as on June 17 ( growth of 23.45% YoY).`
• Current Account Deposits increased from Rs 1,35,155 crore as on June 16 to  Rs 1,68,414 crore as on June 17 ( growth of 24.61% YoY).
• CASA Deposits increased from Rs 9,00,692 crore as on June 16 to Rs 11,13,455 crore as on June 17 (growth of 23.62% YoY).
• Market Share in Domestic Deposits improved by 53 basis points from 22.73% in   June 16 to 23.26% as on June 17.
• Gross Advances increased from Rs 18,59,513 crore as on June 16 to Rs 18,86,666 crore as on June 17 ( growth 1.46% YoY).
• Corporate and SME advances together decreased from Rs 9,70,744 crore to Rs 9,28,479 crore  (4.35%YoY).
• Retail Advances increased from Rs.4,32,455 crore as on June 16 to Rs 4,90,005 crore as on June 17 (13.31% YoY). Home loans increased from Rs 2,48,709 crore as on June 16 to Rs 2,83,331 crore as on June 17 (13.92% YoY).
• Agri Advances increased from Rs 1,85,948 crore as on June 16 to Rs 1,89,100 crore as on June 17 (1.69% YoY).
• International Advances increased from Rs 2,70,365 crore as on June 16 to Rs 2,79,082 crore as on June 17 (3.22% YoY).
• Staff Expenses decreased from Rs 7,783 crore in Q1FY17 to Rs 7,724 crore in Q1FY18 (0.75% YoY).
• Overheads increased from Rs 5,462 crore in Q1FY17 to Rs 6,013 crore in Q1FY18 (10.08% YoY).