SBI Q1 result: Profit at Rs 2,312 crore in June qtr; gross NPA down 21% YoY

The bank reported fresh gross slippages at Rs 16,212 crore, as against analysts' expectations of Rs 7,000 crore. There were up 13 per cent YoY, from Rs 14,349 crore in Q1FY19

State Bank of India (SBI), on Friday, was back in the black and reported a net profit of Rs 2,312 crore for the June quarter of 2019-20 (Q1FY20) on the back of healthy growth in advances and stable asset quality.  The bank had reported a net loss of Rs 4,875.9 crore in the corresponding quarter of the previous fiscal (Q1FY19) and a PAT of Rs 838.4 in the March 2019 quarter (Q4FY19). 

The profit beat analysts’ expectations who had pegged the profit at Rs 2,066.7 crore.

The bank’s asset quality improved with gross non-performing assets (GNPA) at Rs 1.68 lakh