SBI Q1 Net Profit Inches 0.89% Higher, Still Beats Street Estimates
Take Stock Of The Week Ahead

Get all the latest Share Market trends and news to set you up for the week ahead.

Congratulations!
You have successfully subscribed.

India’s biggest public sector bank, State Bank of India (SBI), posted its first-quarter results on Saturday, with its net profit rising just 0.89% but still managing to beat estimates.

What Happened: SBI’s standalone net profit for the quarter ended June 30 stood at ₹17,035.16 crore, compared with the ₹16,884.3 crore it had earned a year ago. The figure exceeded Bloomberg estimates of ₹16,595 crore.

The bank’s net interest income, which is the difference between the interest it pays on deposits and the interest it earns on loans, rose to ₹41,125 crore, a 5.7% growth from the ₹38,904.9 crore it earned in the same quarter last year. The number fell slightly short of analyst expectations of ₹42,614 crore.

See Also: Manu Bhaker’s Endorsement Fee Skyrockets To ₹1.5 Cr Per Deal After Shooting Star Hits The Bullseye At Olympics

The lender’s net interest margin, a key profitability metric, shrank to 3.22%, down 11 basis points from the 3.33% that the bank posted in the first quarter a year ago.

Gross advances grew 15.39% to ₹38.12 lakh crore, while total deposits climbed 8.18% to ₹49.01 lakh crore.

Price Action: Ahead of the results, SBI’s share price ended 1.73% lower at ₹847.75 at the end of trading on Friday.

Read Next: Britannia Q1 Net Profit Jumps 11% To ₹506 Cr

Don't miss a beat on the share market. Get real-time updates on top stock movers and trading ideas on Benzinga India Telegram channel.

Comments
Loading...
EarningsEarnings BeatsEquitiesNewsMarketsMoversTrading IdeasState Bank of India