SBI hits a new high
State Bank of India (SBI) is amongst the top five gainers on the BSE currently; it hit a new 52-week high at Rs.314, up 3.7% with volumes of some 25 lakh shares changing hands today alone.
This was on the back of its very good performance for Q4FY17, both on the asset quality as well as profitability front. Its net profit rose 122% (YoY) at Rs.2814 crore, supported by a 17% rise in NII at Rs.18,071 crore. What really helped boost the bottomline was the other income, which included Rs.1755 crore which came in due to 3.9% stake sell made in subsidiary, SBI Life Insurance Company Limited.
On the asset quality front, things have improved. Gross NPA bettered from 7.23 % to 6.9% (QoQ) while Net NPA too came in lower at 3.7% v/s 4.2%.
Its provision coverage ratio was at 65.95%.
The bank has fully amortised the loss in respect of sale of assets to ARCs in the current and previous years which was at Rs 1,131.01 crore. It has invoked RBI's SDR/S4A scheme to a total of 10 accounts having outstanding balance of Rs 5,169.51 crore as on March 31, 2017.
Deposits for Q4FY17 rose 18% (YoY) at Rs.20,44,751.39 crore though borrowings fell 2% to Rs.3,17,693.66 crore.