State Bank of India reported a whopping 218% increase in net profit year-on-year for the September quarter of FY20, with profit surging to Rs. 3,011.73 crore in comparison to Rs. 944.87 crore posted during the same period a year ago.
On sale of partial stake in SBI Life Insurance, India's leading public run bank made a one-time gain of Rs. 3,848 crore.
Net interest income during the July-September quarter however declined 77.95% year-on-year to Rs. 4609.32 crore as against Rs 20,905.69 crore during the same quarter last year.
In the retail category, revenue at the bank increased by 12.83% YoY to Rs 32,708 crore whereas the corporate segment witnessed an increase in revenue of 4.19% to Rs 21,452 crore.
Gross NPAs improved marginally to 7.19% from 7.53% reported in the quarter ended June. Net NPAs also declined to 2.79% in comparison to 3.07% posted in Q1FY20.
Slippages at the bank declined to Rs 9,126 crore as against Rs. 13,995 crore in the previous quarter ended June. Nonetheless provisions increased 43.1% QoQ to Rs 13,139 crore as against Rs 9,183 crore.
After the results, SBI quoted higher by 7% at Rs. 281.10 on the BSE, while it made an intra-day high of Rs. 284.