State Bank of India's Q1FY18 standalone net profit declines 20.4% yoy to Rs.2,005 crore : Beats Estimates

India Infoline Research Team | August 11, 2017 13:46 IST

State Bank of India Q1FY18

Standalone Results Q1FY18: (Rs. in crore)

Q1FY18 YoY (%)
NII 17,606 22.0
NPA (%) 10 303
Provisions 11,874 7.4
Net Profit (adjusted) 2,005 [20.4]
***NPA change is bps
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Reco. Price

305.45

Last updated on

04-Aug-2017


State Bank of India consolidated Q1FY18 results beat street estimates on net profit. The NII for the quarter came in line with street estimates of Rs.18873 crore. Net profit for the quarter came 25% higher than the estimated figure of Rs.2485 crore.

The Standalone NII for the quarter stood at 17606 crore a 22% yoy increase. This was due to robust growth in interest earned by 31.6% yoy to Rs.54905 crore. It was also further aided by 27% yoy increase in advances to Rs.1804218 crore.

In terms of asset quality the asset quality further deteriorated by 85% yoy increase in GNPA’s to Rs.188068 crore. In terms of percentage to total advances GNPA’s rose by 303 bps to 9.97% in Q1FY18 vs 6.94% in Q1FY17.

Provisions for the quarter moderately increased by 7.4% yoy to Rs.11874 crore in current quarter vs Rs.11053 crore in corresponding quarter previous year. However, net profit for the quarter saw 20.5% yoy decline to Rs.2005 crore.

Capital adequacy for the quarter also looks poor at 13.3% ( CAR Basel III) vs 14.0% in Q1FY17.      
 


Technical View:

State Bank of India is currently trading at Rs. 281.90, down by 14.65 points or 4.94% from its previous closing of Rs. 296.55 on the BSE.
The scrip opened at Rs. 295.15 and has touched a high and low of Rs. 302.80 and Rs. 279 respectively. So far 4,49,79,236(NSE+BSE) shares were traded on the counter. The stock is currently trading above its 50 DMA.

BSE 244.20 [6.95] ([2.77]%)
NSE 243.75 [7.40] ([2.95]%)

***Note: This is a NSE Chart

 

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