SBI posts first profit in four quarters
crore in the preceding three months. Profit declined 40% from ₹1,582 crore in the yearago period. The Septemberquarter profit, however, beat the ₹439.2 crore estimate of 14 analysts in a Bloomberg survey.
The bank would have posted yet another quarter of loss if not for a one-time gain of ₹1,087 crore from sale of investment in the merchant banking business and ₹473 crore from a stake sale in insurer SBI General. “Though the profit is modest, there is no looking back,” SBI chairman Rajnish Kumar said at a press conference on Monday. “From here on, this number will only be bigger and better. We have complete control over the demon of NPA.” See Page 5