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SBI Q2 net at Rs 1,581 cr down 37% as asset quality improves

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Mumbai, Nov 10 (IANS) State-run State Bank of India on Friday posted a 37 per cent fall in standalone net profit for the second quarter ending September at Rs 1,581 crore pulled down by higher provisioning for the period.

The country’s biggest lender had registered a profit after tax of Rs 2,006 crore in the corresponding period of the last fiscal, the bank said in a stock exchange filing here.

SBI’s total provisioning, including for non-performing assets (NPAs), or bad loans, for the quarter in consideration at Rs 18,418 crore were a whopping 87 per cent over the previous quarter’s figure of Rs 9,869 crore and also 27 per cent higher over the provisioning in the same period last year.

Of the total provisioning, that on account of loan losses was Rs 16,715 crore.

The bank’s asset quality, however, improved during the July-September quarter as fresh slippages declined by more than half. Slippages as a ratio of the total loan book fell to 1.85 per cent, from 5.37 per cent during the previous quarter.

Gross NPAs’ ratio fell to 9.83 per cent from 9.97 per cent in the previous quarter.

State Bank’s net interest income during the quarter in review, at Rs 18,586 crore, rose 5.57 per cent over the previous quarter but was a 2.58 per cent improvement over this income in the same quarter last year at Rs 18,119 crore.

Domestic net interest margin rose 9 basis points over the previous quarter to 2.59 per cent.

The lender’s non-interest income at Rs 16,016 crore was a 58 per cent increase over the same quarter last year at Rs 10,146 crore and double over the previous quarter’s Rs 8,006 crore.

Fresh slippages in the second quarter at Rs 9,026 crore recorded a sharp 65 per cent fall over the previous quarter’s figure of Rs 26,249 crore

Slippages from watchlist amounted to Rs 10,424 crore, while the total watchlist stood at Rs 21,288 crore.

SBI’s net bad loan ratio decreased relative to the previous quarter to 5.43 per cent from 5.97 per cent.

SBI Chairman Rajnish Kumar told reporters in New Delhi on Thursday that there is, currently, limited space for further easing of its lending rate. The SBI had, last week, reduced its lending rate for home and auto loans by 0.05 percentage points.

With results coming in the first half, the SBI stock was trading higher at 3 p.m. on Friday at Rs 329.90 a share, up Rs 16.15, or by 5.15 per cent over its previous close on the BSE.

–IANS
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Dr. Abhishek Verma Dedicates a Shelter in Memory of His Mother, Veena Verma, at KGMU; Inaugurated by Daughter Nicolle Verma

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World-renowned business tycoon Dr. Abhishek Verma has supported Foodman Vishal Singh’s Hunger-Free World mission. In memory of his mother, Late Veena Verma, who was a 3 term Rajya Sabha MP.

Dr. Verma dedicated a state-of-the-art free permanent shelter for the attendants of patients at KGMU Medical University, Lucknow, under the aegis of Vijay Shree Foundation. His daughter, Nicolle Verma, inaugurated the shelter.

During the event, Foodman Vishal Singh honored Nicolle Verma by presenting her with a memento. Mrs. Nidhi Sharma and Avantika Yadav, associated with the organization, welcomed her with garlands. Following this, Nicolle Verma distributed essential items to the attendants and also handed out fruits. She became emotional remembering her grandmother on her birth anniversary.

On this occasion, she also inaugurated the “Veena Verma Sevalaya” in memory of her grandmother, Veena Verma, to serve the attendants. She expressed, “I feel proud that my family is engaged in nation-building as well as social service. Today, in collaboration with Vijay Shree Foundation founder Foodman Vishal Singh Ji, I feel immensely proud to dedicate this shelter for the poor, helpless, and needy attendants of patients battling serious illnesses like cancer. I am honored to be associated with the Hunger-Free World Mission for humanity.”

Inspired by the continuous humanitarian service provided by Vijay Shree Foundation over the past 17 years, Nicolle Verma donated 10 lakh rupees to support the cause. The purpose of this donation is to ensure that services continue for the needy attendants of patients suffering from severe illnesses in hospitals, as facilitated by Foodman Vishal Singh.

It is noteworthy that Dr. Abhishek Verma’s family has a legacy of public and philanthropic service. They are helping millions to carry forward the values and service work of their parents. On the occasion of his mother’s birth anniversary, Dr. Abhishek Verma dedicated this state-of-the-art permanent shelter at Lucknow Medical College to serve the attendants of patients through the Vijay Shree Foundation.

Supporting Foodman Vishal Singh’s Hunger-Free World mission, Dr. Abhishek Verma assured that he would continually support keeping this flame of humanity alive. He also promised to assist in providing medicines to the helpless patients.

Continuing her grandmother’s legacy of service, Nicolle Verma personally served food to the needy patients and attendants. She said, “It is our good fortune to have received the joy of doing this noble work today through Foodman Vishal Singh. I have taken another step forward in carrying my family’s values and cooperation by joining hands with the Vijay Shree Foundation. My father taught me to serve and help the needy, and I feel happy when I bring a smile to someone’s face.”

On the birth anniversary of the late Veena Verma, the event organizer, Vijay Shree Foundation founder Foodman Vishal Singh, said, “We feel proud and happy that Dr. Abhishek Verma, a globally renowned business tycoon, has extended his support to uplift our country from the hunger index. Today, on his mother’s birth anniversary, he inaugurated a state-of-the-art permanent shelter at Lucknow Medical College, which will always be helpful for the needy attendants of patients. It is a pleasure for me and the organization to receive the affection of Mr. Verma.”

The event was attended by General Manager Verma Family Office Hemant Garg, Sonu Rajput, and the organization’s volunteers, including Sandeep Singh, Parmeshwar Ji, Prashant Rao Gautam, Balram Singh, Ramesh Chaudhary, Suman, Jeetu, Anil, Suraj, Vinay, Manish Bhadauria, Manas Mehrotra, Vivek, Apurv, Happy, and others.

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