State Bank of India registers Q1 net profit of Rs 2,312 crore

New Delhi: India's largest lender State Bank of India (SBI) registered a net profit of Rs 2,312 crore for the first quarter ending June 30, 2019 as against net loss of Rs 4,876 crore during the same quarter the previous year.

This is also 176 percent higher than the net profit for Q4 FY19, the bank said in a regulatory filing.

SBI said that its robust domestic credit growth at 11.89 percent YoY is driven by both retail-per (18.68%  YoY  Gr)  as  well  as  high  rated  corporates  (11.62%  YoY  Gr).

The Bank's operating profit increased by 10.63 percent YoY while its net interest income grew by 5.23 percent. Its net interest income grew at 15.45 percent.

SBI's Gross NPA ratio was down 316 bps at 7.53 percent YoY while its net NPA ratio down 222 bps at 3.07 percent.

Credit cost was down 52 basis points at 2.03 percent in Q1 FY20 while capital adequacy ratio improved from 12.83 percent in June 2018 to 12.89 percent in June 2019. The cost to income ratio excluding pension provisions improved from 52.46 percent in Q1 FY19 to 47.26 percent in Q1 FY20, SBI said in a statement.