SBI pre-tax profit sees three-fold jump to Rs 5,060 crore, beats estimates

Net profit stood at Rs 3,012 crore, as against Rs 945 crore for Q2FY19

State Bank of India (SBI), the country’s largest public-sector bank, reported a strong set of numbers for the quarter ended September 30 (Q2), with its profit before tax (PBT) surging 179 per cent to Rs 5,060 crore compared to Rs 1,812 crore in the year-ago quarter on a standalone basis. 

The strong showing was backed by a 46 per cent reduction in slippages (loans turning bad) and a 21 basis points (bps) rise in the net interest margin, a profitability indicator, as compared to the June quarter. These parameters were also better on a year-on-year (y-o-y) basis.

Net profit stood at