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SBI's core performance soft in Q2
Mint Mumbai
|November 11, 2024
State Bank of India Ltd (SBI) has reported an impressive jump of 51% year-on-year (y-o-y) in its September quarter (Q2FY25) standalone pre-provisioning operating profit (PPoP) to ₹29,295 crore.
But a closer look reveals that the results are not as strong. In fact, the quality of earnings is weak.
For perspective: core PPoP has dropped 2.5% to ₹23,764 crore. Core PPoP is operating profit excluding volatile incomes such as treasury, forex gains, recoveries of past bad loans, etc. Also, it has been calculated before the provisions for employee cost that are mainly for the wage-hike settlement effective from November 2022.
Employee provisions drastically fell to ₹2,906 crore from as much as ₹19,221 crore a year ago as the base quarter included the impact of wage-hike provisions.
Diese Geschichte stammt aus der November 11, 2024-Ausgabe von Mint Mumbai.
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