SBI Q1 profit down 32 pct, fresh slippages dip sharply

New Delhi, Aug 15 (ANI): The State Bank of India (SBI) has announced that its Q1 profit fell 31.7 percent year-on-year to Rs. 2,520.96 crore. The bank said that profit was supported by other income and operating profit and lower tax cost, but remained impacted by higher provisions. Net interest income, the difference between interest earned and interest expended, grew by 4.2 percent to Rs. 14,312.31 crore on yearly basis. The SBI said advances (loans) during the quarter grew by 10.7 percent to Rs. 14.16 lakh crore while deposits jumped 10.5 percent to Rs. 17.82 lakh crore Q1 YoY. The profit was estimated at Rs. 2,504.9 crore and net interest income at Rs. 14,489.5 crore for the quarter, according to average of estimates by CNBC-TV18. Provisions and contingencies dropped sharply by 43.7 percent quarter-on-quarter to Rs. 7,413.1 crore in the quarter ended June 2016, though it increased by 85.3 percent as compared with the year-ago period. Also, the gross non-performing assets (NPA) as a percentage of gross advances increased 44 basis points to 6.94 percent and net NPA 24 basis points to 4.05 percent on sequential basis. On absolute basis, gross NPAs during the quarter rose 3.4 percent to Rs. 1,01,541 crore and net NPA climbed 2.9 percent to Rs. 57,420 crore QoQ. (ANI)