SBI Q1 net up 10% at Rs 3,692 crore

Gross NPA rises to 4.29% from 4.25% on a quarter-on-quarter basis

State lender State Bank of India today reported a 10% rise in Q1 net profit at Rs 3,692 crore, beating analyst estimates, as bad loan provisions fell.

The bank had reported net profit of Rs 3,349 crore in the year-ago period.

Provisions were down quarter-on-quarter to Rs 4,000 crore from Rs 6,593 crore in the previous quarter.

Gross NPA rose to 4.29% from 4.25% on a quarter-on-quarter basis. Net NPA too rose to 2.24% from 2.12% in the previous quarter.

Net interest income rose 3.6% year-on-year to Rs 13,732 crore.

Capital adequacy ratio (Basel III) was flat at 12%. 

The stock was down 2.49% at Rs 276.05 on the BSE at 12:54 pm.