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SBI Stands Alone Q2 FY16 Results

Nov 6th, 2015 4:01 pm | By | Category: LATEST NEWS

State Bank of India- announcing its Q2 FY16 result announcement

The State Bank of India (SBI) has announced its Q2 FY16 results. Ms. Arundhati Bhattacharya, Chairman, SBI along with the Bank’s top management announces Q2 FY16 results during a press conference in Mumbai, highlights: Net Profit increased by 25.12% from Rs.3,100 Crores in Q2FY15 to Rs.3,879 Crores; Operating Profit increased by 20.60% from Rs.8, 512 Crores in Q2FY15 to Rs. 10,266 Crores; Non Interest Income increased by 35.58% from Rs. 4,571 Crores in Q2FY15 to Rs. 6,197 Crores;. The major contributors were growth in Profit on sale of investments and recovery in w/o accounts: Net Interest Income increased by 7.37% from Rs. 13,275 Crores in Q2FY15 to Rs.14,253 Crores; Operating Income increased by 14.59% from Rs. 17,845 Crores in Q2FY15 to Rs. 20,450 Crores in Q2FY16; Gross NPA ratio is down by 74 bps to 4.15% in Q2FY16 as against 4.89% in Q2FY15.Profitability: Total Interest Income increased from Rs. 37,263 Crores in Q2FY15 to Rs.40, 658 Crores in Q2FY16 (9.11%YOY growth); Interest Income on Advances increased from Rs. 27,869 Crores in Q2FY15 to Rs. 28,982 Crores in Q2FY16 (3.99%YOY growth). The lower growth is due to reduction in base rate twice by 15 bps each in April andJune 15; Interest Income on Resources Operations increased from Rs.8, 788 Crores in Q2FY15 to Rs.10,745 Crores in Q2FY16 (22.26%YOY growth); Total Interest Expenses increased from Rs.23, 988 Crores in Q2FY15 to Rs. 26,405 Crores in Q2FY16 (10.08%YOY growth); Interest Expenses on Deposits increased from Rs.22, 072 Crores in Q2FY15 to Rs. 24,746 Crores in 2FY16 (12.12 %YOY growth) Operating Expenses increased from Rs. 9,333 Crores in Q2FY15 to Rs.10, 184 Crores in Q2FY16 (9.12 %YOY growth).

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