SBI Q4 profit jumps 4-fold to Rs 3,581 crore on one-time gain from SBI Cards
Published On: Friday, June 5, 2020 | By: Team KnowMyStock
The Country's largest lender State Bank of India on Friday reported an over four-fold jump in net profit at Rs 3,580.81 crore for the March quarter compared with Rs 838.40 crore in the same quarter last year supported by a one-time gain of Rs 2,731.34 crore from the stake sale in SBI Cards done during the quarter. The profit grew 326.93 per cent from Rs 838 crore clocked in the year-ago quarter. On a consolidated basis, the bank’s net profit came in at Rs 6,909.95 crore. Total provisions and contingencies for the quarter fell to Rs 13,495 crore compared with Rs 16,501.8. For the full year FY20, net profit stood at Rs 14,488 crore, as against a net profit of Rs 862 crores in FY19. This was the bank's highest-ever yearly profit. Net interest income declined 0.8 per cent year-on-year to Rs 22,766 crore in the quarter ended March 2020 due to moderate loan growth at 6.4 per cent YoY. Domestic net interest margin dipped to 2.94 per cent in Q4FY20, down 8 bps YoY and 65 bps QoQ.
The profit figure missed Street estimates and came in way higher than Rs 2,000 crore estimated by analysts.
The shares of the bank jumped 9 per cent higher post the results to Rs 189.8 on the BSE.
Source: Money Control, Business India, Economic Times
Tags: SBI Profit SBI Card four-fold jump
We are on Telegram!
JOIN our telegram channel to receive updates on Financial News and Stock and FNO Tips.
Click Here!
Follow Us On:
