SBI Q2: PAT up by over 9 pc, bank reports asset quality improvement

Source :Sify
Author :Finance Desk
Last Updated: Wed, Nov 4th, 2020, 18:51:20hrs
SBI-branch-opening-Dinesh-Khara-Sifydotcom

Mumbai: PSU lender State Bank of India on Wednesday announced its results for the quarter ending September 30, 2020.  

The bank in its note with the exchange houses reported net profit for Q2FY21 at Rs 4,574 crores -- up by 51.88 percent from Sept'19 quarter. Profit after tax was up by 9.19 percent from the previous quarter.  

The bank also reported net interest margin (NIM) improving at 3.34 percent in the current quarter a 0.12 percent increment on a YoY basis.  

Total Deposits grew at 14.41% YoY, out of which Current Account Deposit grew by 8.55% YoY, while Saving Bank Deposits grew by 16.28% YoY.

Net NPA ratio at 1.59% is down 120 bps YoY and 27 bps QoQ. Gross NPA ratio at 5.28% is down 191 bps YoY and 16 bps QoQ.

Credit Growth stood at 6.02% YoY, mainly driven by Retail (Personal) Advances (14.55% YoY), Agri Advances (4.19% YoY) and Corporate Advances (2.82% YoY).

Capital Adequacy Ratio (CAR) has improved by 113 bps YoY to 14.72% as on Sep 2020.  

Return on Assets (RoA) increased by 14 bps YoY to 0.43% in H1FY21 against 0.29% in H1FY20.

The notification was announced within the trading hours and stocks of SBI ended up marginally in the positive after closure of trading session. In the session on Wednesday, SBI stocks gained by 1.12 percent or 2.30 points up to quote Rs 207.05. A total of 52.25 lakh shares exchange hands during the session.  

SBI scrip's 52 week high and low is Rs 351 (28 Nov 2019) and 149.55 (22 May 2020) respectively. 

Image: File  image of State Bank of India  branch-opening ceremony at Delhi Cantt.  SBI Chairman Dinesh Khara launching a branch on Oct 29, 2020. Courtesy: Adfactors PR.