SBI's standalone profit drops more than 40% in Q2FY19

The country’s largest lender State Bank of India posted Q2FY19 results on Monday  with a 40.26 per cent YoY fall in standalone profit at Rs 944.87 crore for quarter ended September 30 from Rs 1,581.55 crore during same quarter  last year. 
The bank's net interest income rose 12 per cent YoY to Rs 20,905 crore. The a sset quality improved with the percentage of gross non-performing assets (GNPAs) decreasing to 9.95 per cent from 10.69 per cent a year ago. The percentage of net NPAs also improved to 4.84 per cent from 5.29 per cent during the same period previous year. Provisions and contingencies dipped 36.81 per cent to Rs 12,092.17 crore as against Rs 19,137.43 crore last year.   
The bank's slippages stood at Rs 10,888 crore in Q2FY19 as against Rs 14,349 crore in Q1FY19 and Rs 32,821 crore in Q4FY18. The  operating profit of the bank declined by 30.47 per cent from Rs 19,999 crore to Rs 13,905 crore on a yearly basis due lower trading income and one-time income of Rs 5,436 crore on part stake sale in SBI Life during the previous year. Provision coverage ratio of SBI improved by 655 basis points from 47.40 per cent as on September 30, 2017 to 53.95 per cent on September 30, 2018 and improved by 57 bps sequentially. 

The stock of SBI on Monday settled at Rs 295.30, up by  3.45 per cent.