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SBI Reports Q4 Profits Lower Analysts Expectations

India’s largest lender State Bank of India (SBI) on Friday afternoon reported a profit of Rs838.40-Cr for the March-2019 quarter, as against net loss of Rs7718.17-Cr for the period ended March 31, 2018 (Y-o-Y). SBI’s fourth quarter profit was lower than market expectation as analysts at Bloomberg had estimated its profit to be at Rs4,840.80-cr.

The Bank has reported net sales of Rs75670.50-Cr during the period ended March 31, 2019 as compared to Rs.68436.06-Cr during the period ended March 31, 2018. The Bank’s net interest income rose by 14.91pc Rs22,953.83-cr for March 2019-quarter as against Rs 19,974.28 crore last year. 

Shares of SBI rose by Rs.8.55 or 2.86pc up to Rs307.85 per share, soon after the results were announced. Meantime, benchmark indices pared their gains with Sensex  trading lower by 101 points at 37456 and the Nifty at 11283, down 18 points at 3.20pm.