Both profit and net interest margin (NII) were ahead of street estimates. Provisions at Rs 12,501 crore increased 36 percent year-on-year
The country’s biggest lender — State Bank of India — on July 31 reported a standalone profit of Rs 4,189.34 crore for the quarter-ended June, a growth of 81.2 percent over the year-ago period, driven by stake sale in the life insurance business.
Both profit and net interest margin (NII) were ahead of street estimates.
Provisions at Rs 12,501 crore increased 36 percent year-on-year. This including an additional provision of Rs 1,836 crore on account of COVID-19 related accounts, an ad-hoc provision of Rs 1,614 crore with respect to wage revision and Rs 5,230.4 crore towards fraud accounts.
So, what led to the better-than-expected performance of SBI? Find out in this edition of 3 Point Analysis.
First Published on Jul 31, 2020 09:19 pm
