Net profit for SBI’s first quarter fell by 6.7% to Rs 6,068 billion, missing street projections


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In comparison to the same quarter last year, State Bank of India’s net profit decreased 6.70% year over year (YoY) to Rs 6,068.08 crore from Rs 6,504 crore.

The profit number significantly underperformed the Rs 8,300 crore ET NOW poll prediction.

In comparison to the same quarter previous year, net interest income (NII) for the quarter increased 12.87% YoY to Rs 31,196 crore from Rs 27,638 crore. NII was anticipated by an ET NOW poll to be Rs 32,500 billion.

While the quarter’s provisions decreased both sequentially and year over year, mark-to-market losses in treasury operations had a negative impact on the figures.

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