State Bank of India back into net profit in October-December 2018

Source: Xinhua| 2019-02-01 21:18:34|Editor: xuxin
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MUMBAI, Feb. 1 (Xinhua) -- India's largest bank, State Bank of India, has reported a net profit of 554.32 million U.S. dollars in the October-December quarter, led by improvement in slippage ratio and credit cost, beating analysts' expectations.

Consensus estimates of analysts for the quarter's net profit was 458.84 million U.S. dollars, compared to a net loss of 338.62 million U.S. dollars in the corresponding quarter last year,

Net interest income rose to 3,183.76 million U.S. dollars in the third quarter of financial year 2018-2019 from 2,622.41 million U.S. dollars a year ago.

Sustained improvement in Asset Quality with Gross Non-Performing Asset (NPA), Net NPA and Provision Coverage Ration recorded 8.71 percent, 3.95 percent and 74.63 percent respectively, the bank said.

"Besides profitability, the bank also showed improvement on assets quality front with slippage declining to seven-quarter low of 634.31 million U.S. dollars along with lower non-performing assets. We expect the stock market to take these numbers positively in the coming session," said Satish Kumar, a senior research analyst at Choice Broking.