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IPO gains lift SBI net manifold to `1840 cr

12 November 2017

The SBI reported a second-quarter (Q2) profit compared with a loss year ago, and a sequential improvement in its bad-loan ratio, sending its shares higher.

Drug firm Novartis India on Friday reported a 17.60% rise in its net profit to Rs26.12 crore for the quarter ended 30 September 2017. "The watchlist at the end of September quarter was down to Rs 21,000 crore, from Rs 24,000 crore as of June quarter 2017", Kumar said.

Shares of SBI jumped 6.20 per cent to settle at Rs 333.20 on the BSE on Friday.

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Slippages were under control, as gross non-performing assets (GNPA) declined sequentially from Rs 188,068 crore to Rs 186,115 crore at the end of Q2FY18.

Net interest income, the difference between interest earned and expenses, increased by 2.6 per cent from Rs 18,119 crore in Q2FY17 to Rs 18,586 crore in Q2FY18.

On a consolidated basis, the bank's net profit for the quarter stood at Rs 1,952.30 crore from a loss of Rs 116.65 crore during the same quarter previous year, the bank said in a filing with the Bombay Stock Exchange (BSE). On the other hand net NPAs also lower at 5.43 percent against 5.97 percent on quarter-on-quarter basis.

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The bank said that in order to boost its capital adequacy, the lender may raise around Rs 1,000 crore through QIP issue within the current fiscal.

"We will hopefully recover more and bring down retail NPAs to Rs 50,000-51,000 crore".

SBI mopped up about Rs 8,400 crore by diluting its stake in SBI Life Insurance through initial public offer during the September quarter.

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Almost half of these came from the agriculture and small and medium enterprises accounts. The banking giant has been improving its profitability and capitalisation over the last few quarters but had to contend with potential worsening of asset quality. Kumar said with global reporting norms on the anvil, the bank was making provisions closer to expected losses (on bad loans) than actual loans.

IPO gains lift SBI net manifold to `1840 cr