SBI Q2 Results Live Updates: Chairman CS Setty sees 11-12% credit growth this year

SBI Q2 Results Live Updates:

India's largest lender State Bank of India Ltd. (SBI) reported results on Tuesday, November 4, which were better, when compared to the CNBC-TV18 poll on most fronts. SBI's Net Interest Income (NII) or core income increased by 3% on a year-on-year basis to ₹42,985 crore. A CNBC-TV18 poll was working with a figure of ₹40,766 crore. Net profit for the quarter also increased by 10% from the same quarter last year to ₹20,160 crore. The number was higher than the ₹17,048 crore that the street was anticipating. The improvement in profitability also came due to a couple of one-time elements during the quarter. The one-time gain during the quarter came from SBI’s stake sale in Yes Bank, which contributed to ₹4,593.22 crore, and its stake in Jio Payments Bank, which was worth ₹25.46 crore. Asset quality for the lender remained stable on a quarter-on-quarter basis. Gross NPA for the quarter stood at 1.73% from 1.83% in June, while Net NPA stood at 0.42% from 0.47% in the previous quarter. Watch this space for all the live updates.