SBI net profit up 134% in Q3 on stake sale in subsidiary
- Author: Joanne Flowers Feb 12, 2017,
Feb 12, 2017, 9:46
The company reported Ebitda of Rs 1,067 crore, which was 51% higher than a year ago.
Cairn's expenses for the December quarter were lower at Rs 1,791.65 crore, from Rs 2,345.52 crore reported in the same period a year back, mainly on account of lower depletion, depreciation and amortisation expenses.
"During the months of November and December 2016, people were facing cash crunch and it affected the entire economy including real estate sector, which remained subdued". This was the bank's first profit increase in 5 quarters.
"But the actual withdrawals - how much will go, we do not know".
Asset quality saw further slippages as gross non-performing assets (NPAs) rose to 11.40 per cent of gross advances during the quarter even though it was stable sequentially compared with 11.35 per cent in the September quarter of the current fiscal. The sale of 3.9% stake in its subsidiary SBI Life Insurance Company for Rs 1,755 crore also helped generate income, reported Economic Times.
NTPC Group's installed generation capacity stood at 48,028 MW as on December 31, 2016, compared to 45,548 MW a year ago.
"The growth in profit was due to the fall in cost of deposit to 5.8 per cent from 6 per cent a year ago, treasury gains and various cost control measures taken by the bank", bank's managing director and CEO P S Jayakumar told reporters here.
The bank's operating profit in the quarter was at Rs 12,543 crore in the quarter, up 30.69 per cent from Rs 9,598 crore in the same period in the last fiscal.
Of the total slippages of Rs 10,185 crore into bad loan category in the quarter, 73 per cent originated from the watchlist.
The bank's scrip ended at Rs 188.05, up 1.98 per cent on BSE which closed at 28,334.25, up 0.02 per cent. In comparison, the benchmark Sensex was little changed from Thursday's close.