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Profit before tax stood at Rs 5559.78 crore in Q1 June 2020, up by 36.8% from Rs 4063.22 crore in Q1 June 2019. Tax expense declined 21.7% on a year-on-year (YoY) basis to Rs 1,370.44 crore in the first quarter on the financial year 2020-21. Exceptional items for quarter ended 30 June 2020 represent profit of Rs 1,539.73 crore on sale of certain portion of investment in bank's subsidiary SBI Life lnsurance Company. The bank's provisions and contingencies increased by 36.1% to Rs 12,501.30 crore in Q1 FY21 from Rs 9,182.94 crore in Q1FY20. Of this, the provision for non performing assets declined by 19.1% YoY to Rs 9,420.46 crore in the June quarter. Provision Coverage Ratio as on 30 June 2020 was 86.32%. During Q1 FY21, SBI made an additional provision of Rs 1836 crore on account of Covid related accounts. The provision of Rs 3008 Crore is held by the bank on Covid related accounts as on 30 June 2020. This additional provision made by the bank is more than requirement as per the RBl guideline dated 17 April 2020. Gross non-performing assets (NPAs) stood at Rs 1,29,660.69 crore as on 30 June 2020 as against Rs 1,49,091.85 crore as on 31 March 2020 and Rs 1,68,493.94 crore as on 30 June 2019. The ratio of gross NPAs to gross advances stood at 5.44% as on 30 June 2020 as against 6.15% as on 31 March 2020 and 7.53% as on 30 June 2019. The ratio of net NPAs to net advances stood at 1.86% as on 30 June 2020 as against 2.23% as on 31 March 2020 and 3.07% as on 30 June 2019. Total deposits increased by 16% to Rs 34,19,362.79 crore in Q1 FY21 from Rs 29,48,820.72 crore in Q1 FY20. Advances at the end of the June 2020 quarter rose by 7.7% to Rs 22,98,346.16 crore as compared to Rs 21,34,773.66 crore at the end of June 2019 quarter. State Bank of India (SBI) is an Indian multinational, public sector banking and financial services statutory body. As of 30 June 2020, the Government of India held 57.64% stake in the bank. Powered by Capital Market - Live News |