State Bank of India (SBI) posted a strong 80% YoY jump in net profits to INR 64.5bn ($885mn) in the quarter ended March. Profits were helped by a drop in contingencies and provisions to INR 110.5bn ($1.5bn) vs. INR 134.9bn ($1.9bn) in the same period last year. Net interest income grew 19% YoY to INR 270.7bn ($3.7bn) beating analysts’ estimates and pre-provision operating profits jumped 25%. The bank’s asset quality metrics also improved as gross and net non-performing assets (NPA) ratios fell to 4.98% and 1.5% from 5.44% and 1.8% respectively at end-December. SBI’s CET1 ratio stood at 10.02%, down 25bp from the prior quarter and up 25bp as compared to the same period last year.
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