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Tuesday , 22 January 2019
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SBI Q1 net profit surges 436% per cent post merger

Mumbai, Aug 11 (IANS) Lending major State Bank of India (SBI) on Friday reported an exponential rise of 436 per cent in net profit to Rs 2,006 crore during the first quarter (Q1) that ended on June 30.

According to SBI, its net profit increased from Rs 374 crore during Q1 of the previous fiscal to Rs 2,006 crore during the quarter under review.

“Operating profit decreased by 13.72 per cent from Rs 13,762 crore in Q1FY17 to Rs 11,874 crore in Q1FY18,” SBI said in a statement.

However, the operating income of the bank slipped by 5.17 per cent to Rs 25,612 crore in Q1FY18 from Rs 27,007 crore reported in the like period of 2016-17.

Besides, the net interest income decreased by 3.51 per cent to Rs 17,606 crore during the first quarter of 2017-18 from Rs 18,246 crore in Q1FY17.

“Figures, ratios and other information are based on the merged audited numbers for June 2017. Historical data has been arrived at by aggregating the audited numbers of the erstwhile Associate Banks, Bharatiya Mahila Bank and SBI for comparison purposes,” the statement said.

Post Source: Ians feed

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