Indian market closes lower on Friday
India's largest lender, the State Bank of India (SBI), declared its results for the quarter ending June 2017 (Q1FY18) results on Friday.
SBI's Net Profit increased by 436% from Rs.374 Cr in Q1FY17 to Rs.2,006 Cr in Q1FY18. while its Operating Profit decreased by 13.72% from Rs.13,762 Cr in Q1FY17 to Rs.11,874 Cr in Q1FY18.
Its Net Interest Income decreased by 3.51% from Rs.18,246 Cr in Q1FY17 to Rs.17,606 Cr in Q1FY18 while Non-Interest Income decreased by 8.62% from Rs.8,761 Cr in Q1FY17 to Rs.8,006 Cr in Q1FY18.
While Fee Income increased by 16.21%, Forex Income by 17.17% and Recovery in Written-Off Accounts by 19.26%, Profit on Sale of Investments declined by 48.50% YoY.
Fee Income increased from Rs.4190 Cr in Q1FY17 to Rs.4,870 Cr in Q1FY18, a YoY growth of 16.21%.
Operating Income decreased by 5.17% from Rs.27,007 Cr in Q1FY17 to Rs.25,612 Cr in Q1FY18.
The bank said its increase in Operating Expenses was contained at 3.72% YoY.
The company that its gross NPAs increased from Rs.1,37,662 Cr as on June 16 to Rs.1,88,068 Cr as on June17.
SBI reported that the share of transaction (merged entity) for Digital versus Branch, which was 76:24 in June-16, is now 80:20 in June-17.
Overall market share of SBI in Debit Card spends increased by 4.82% YOY from 26.30% as on Jun-16 to 31.12% as on Jun-17, the bank said.
Top gainers on Friday included Dr Reddy's Labs, Auobindo Pharma, Lupin, Wipro, GAIL, Axis Bank and Infosys while SBI, M&M, Reliance, Larsen& Toubro, Hindalco, Vedanta, Bank of Baroda and NTPC declined.
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