The lender’s bottomline performance was strong for the said quarter despite the fact that it took a one-time loss of Rs 7,418.4 crore due to revision in the family pension payable to employees covered under the 11th bi-partite settlement.
Its asset quality in the quarter was strong as gross non-performing loans ratio improved to 4.90 per cent from 5.32 per cent in the previous quarter. At the same time, net NPA ratio came in at 1.52 per cent as against 1.77 per cent in the previous quarter.
During the reported quarter, SBI’s net interest income (NII) jumped 29 per cent YoY to Rs 31,183.9 crore, which was also above Street’s estimate of Rs 28,912 crore.
Slippage ratio for the September quarter stood at 0.66 per cent, down from 2.47 per cent in the June quarter. Provision Coverage Ratio (PCR) came in at 87.68 per cent.
Credit cost fell 51 basis points YoY to 0.43 per cent, the PSU bank said in its earnings release.
The bank added that it “fully provided Rs 7,418 crores due to change in family pension rules, even as regulator granted dispensation to amortise in five years.”
Domestic net interest margin(NIM) for the quarter was at 3.50 per cent, up 16 basis points YoY.
Total deposits for the quarter rose 9.77 per cent YoY. Current account deposits advanced 19.20 per cent YoY while saving bank deposits climbed 10.55 per cent YoY.
“Whole bank advances grew 6.17 per cent YoY, mainly driven by personal retail advances (15.17 per cent YoY) and foreign office advances (16.18 per cent YoY). Domestic advances growth stood at 4.61 per cent YoY,” the bank said.
