Novartis India Q2 profit up 18% at Rs26 crore

Novartis India Q2 profit up 18% at Rs26 crore

Gross NPAs fell to 9.83 per cent of gross advances compared to 7.14 per cent a year ago. According to 15 Bloomberg analyst estimates, the bank was expected to post a profit of Rs 2,628.50 crore.

SBI's total provisioning, including for NPAs, or bad loans, for the quarter in consideration at Rs 18,418 crore were a whopping 87 per cent over the previous quarter's figure of Rs 9,869 crore and also 27 per cent higher over the provisioning in the same period past year.

Speaking to media, he said the watchlist at the end of September quarter was down to Rs 21,000 crore from Rs 24,000 crore as of the June quarter.

At 14:06 hours IST, the stock price was quoting at Rs 333.10, up Rs 19.35, or 6.17 percent amid high volumes on the BSE. Fresh slippages fell 65 per cent over the previous quarter to Rs 9,026 crore, SBI Chairman Rajnish Kumar said. However, on a sequential basis, gross NPAs and net NPAs improved a bit to 9.97 per cent and 5.97 per cent, respectively.

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The bank is also witnessing good recoveries from retail and small and medium enterprises (SMEs) with its NPAs in retail declining to Rs 53,000 crore, of the total NPAs of Rs 1,86,115 crore.

The bank said that in order to boost its capital adequacy, the lender may raise around Rs 1,000 crore through QIP issue within the current fiscal.

SBI mopped up about Rs 8,400 crore by diluting its stake in SBI Life Insurance through initial public offer during the September quarter. As a percentage of total advances, net NPAs declined 54 basis points sequentially to 5.43 per cent. That helped the bank improve its asset quality.

Almost half of these came from the agriculture and small and medium enterprises accounts. Lenders have till December 13 to find a resolution, failing which they will be referred for insolvency proceedings. Announcing the results, SBI chairman Kumar said that the corporate loan book had shrunk because of deleveraging by corporates and shift in borrowing to bonds.

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