SBI Q4 Results: Stock falls 7% after core income miss, slippages jump from last quarter

India's largest lender State Bank of India Ltd. (SBI) reported results for the March quarter on Friday, May 8, that were mixed when compared to analyst expectations.

SBI's core income or Net Interest Income (NII) during the quarter increased by 4.1% year-on-year to ₹44,381 crore. The number was lower with the CNBC-TV18 poll figure of ₹46,487.4 crore.

Net profit for the period increased by 5.6% from the year-ago period to ₹19,684 crore. A CNBC-TV18 poll had pegged the figure at ₹19,455.4 crore.

Asset quality for India's largest bank remained stable on a sequential basis, with gross NPA at 1.49% from 1.57% in the December quarter, while net NPA remained unchanged at 0.39% compared the same figure in the October-December period.

SBI's pre-provisioning operating profit for the quarter declined by 16% from the previous quarter to ₹27,704 crore from ₹32,862 crore earlier.

Provisions declined to ₹2,872 crore for the March quarter compared to ₹4,507 crore in the December period. Other income also declined to ₹17,314 crore from ₹24,367 crore last year.

SBI's whole bank and domestic NIM for the full year stood at 2.91% and 3.03% respectively. Margins for the whole bank for the March quarter stood at 2.81%, while domestic NIMs were at 2.93%.

Slippages for the quarter have seen a sharp increase on a sequential basis, to ₹5,521 crore from ₹4,458 crore during the quarter.

Here's how SBI's various segments fared on the asset quality front

• Retail gross NPA stood at 2.17% from 2.23% in December


• Agri gross NPA is at 7.25% from 7.64% in December


• Per Segment gross NPA at 0.66% from 0.68% in December


• SME gross NPA at 2.99% from 3.01% in the December quarter


• Corporate gross NPA at 0.88% from 0.99% in the previous quarter

Shares of SBI are now down 5.8% after the results announcement at ₹1,028.2 The stock is now trading at the day's low.

This is breaking news. The story will be updated with more details. The story corrects an earlier version where the asset quality for segments was interchanged with the previous year.