SBI records its highest ever quarterly net profit at Rs5,583cr in Q3; up 41% yoy

State Bank of India registered a net profit of Rs5,583cr during Q3FY20, a yoy increase of 41.18%.

This is also the highest ever quarterly net profit recorded by the Bank.
The bank's net NPA came in at 2.65% vs. 2.79% and gross NPA stood at 6.94% vs. 7.19% qoq.

During the quarter, the bank exercised the option of lower tax rate taking a one-time hit of Rs1,333cr. Excluding the impact of this one-time additional hit, net profit in Q3FY20 would have been Rs6,916cr vs. Rs3,955cr in Q3FY19.

Profit Before Tax (PBT) for Q3FY20 at Rs10,970cr, an increase of 65.74% yoy and 116.80% qoq

Net Interest Income grew by 22.42% yoy and 12.92% qoq. Domestic Net Interest Margin (NIM) improved to 3.59% in Q3FY20, registering an increase of 62bps yoy and 37bps sequentially. Fee income for Q3FY20 at Rs5,635cr is up by 19.30% yoy.

Operating Profit increased to Rs18,223cr in Q3FY20 from Rs12,625cr in Q3FY19, an increase of 44.34% yoy.

Credit Growth came in at 6.79% yoy, mainly driven by Retail-Personal Advances (+17.49% yoy).

Provision Coverage Ratio (PCR) improved to 81.73%, up 710bps yoy and 50bps qoq. Slippages of Rs16,525cr includes exposure to a large Housing Finance Company (~Rs7000cr)

Credit Cost as at the end of Q3FY20 has declined 62 bps yoy to 1.80%. Cost to Income Ratio has improved from 56.97% in Q3FY19 to 52.45% in Q3FY20. Capital Adequacy Ratio (CAR) improved to 13.73% as on Dec 2019, an increase of 96bps yoy and 14bps sequentially. 
State Bank of India is currently trading at Rs317.40 up by Rs6.7 or 2.16% from its previous closing of Rs310.70 on the BSE.
The scrip opened at Rs313.65 and has touched a high and low of Rs321.60 and Rs308.70 respectively. So far 6,66,21,407 (NSE+BSE) shares were traded on the counter. The current market cap of the company is Rs2,77,287.68cr

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