Monday, August 3, 2020

SBI net jumps 81% to Rs 4,189 crore

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SBI net jumps 81% to Rs 4,189 crore

SBI chairman Rajnish Kumar (File photo)

MUMBAI: SBI reported a net profit of Rs 4,189 crore for the quarter ended June 2020 — an increase of 81% over the Rs 2,312-crore profit it recorded in the year-ago period. The betterthan-expected profit resulted in the bank’s share price gaining 3% on Friday even as the sensex closed in the red.
SBI chairman Rajnish Kumar said about 9.5% of the bank’s borrowers by value had opted for the moratorium. Kumar said the bank’s efforts at making provisions have paid off and there were no large stressed borrowers that it would have to provide for. Gross NPAs of the total advances declined to 5.4% at June-end, from 7.5% in the previous year.Net NPAs also declined to 1.8% in June 2020 compared to 3% a year ago.
“It is safe to presume that, as on June 30, SBI is asymptomatic and has built good immunity,” Kumar said, referring to the bank’s preparedness to deal with stress. He said the moratorium portfolio was not entirely a reflection of stress as, out of the 9.5% of borrowers that sought to defer payments, 2% were AA- and AAA-rated corporates that wanted to preserve cash. Retail borrowers made up 4.2% and the remaining 3.3% were private companies.

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