State Bank of India Q2FY17
Standalone Results Q2FY17: (Rs. in crore)
|Net Profit (adjusted)||2,538||[34.6]|
State Bank of India’s Q2FY16 standalone numbers registered a beat on our estimates. NII came in 4.3% above our estimate of Rs 13,840 cr. And net profit for the period was 15.4% higher than the estimate of Rs 2,200 cr.
NII for the period came in at Rs 14,438 cr registering a 1.3% yoy increase.
Gross NPA’s for the period recorded a 3% yoy jump to Rs 1,05,783 cr leading to a 300 bps worsening of asset quality. Thereby, Gross NPA as a percentage of Gross Advances stood at 7.1%.
Provisions for bad loans increased 99.6% yoy to Rs 7,670 cr.
Also, the bank reported a net profit for the quarter of Rs 2,538 cr a yoy decline of 34.6% due to the higher provisions made during the quarter.
The bank raised Additional Tier I capital worth Rs 6,600 cr during Q2FY17 and an additional Rs 2,500 cr so far in Q3Fy17. It also expects to raise Rs 7,575 cr from the government of india.
State Bank of India ended at Rs. 275.5, down by 6.1 points or 2.17% from its previous closing of Rs. 281.6 on the BSE.
The scrip opened at Rs. 278.95 and touched a high and low of Rs. 288.5 and Rs. 270.7 respectively. A total of 44668078(NSE+BSE) shares were traded on the counter. The stock traded below its 50 DMA.
BSE 268.15 [2.35] ([0.87]%)
NSE 268.25 [2.20] ([0.81]%)
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