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State Bank of India Reports Rs. 2312 Crore Profit On Lower Provisioning
For the quarter ending June, SBI reported Rs. 2312.20 profit in comparison to a loss Rs 4,875.85 crore during the same period a year ago. The profit has jumped due to lower provisioning at the bank which has fallen 11% year-on-year.
The net interest income which is the difference between the interest earned and spended also jumped higher by 5.3% to Rs 22,938 crore. Excluding one-off items, NII was up 15.45%.
CAR improved at the bank to 12.89% from the earlier 12.83%. Net interest margin at the bank stood at 3.01%.
The lender made provisions worth Rs 11,648.45 crore, which was lower than the March quarter's Rs 17,335.84 crore and year-ago's Rs 13,037.90 crore.
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