State Bank of India (SBI) reported standalone net profit at Rs 838.4 crore for the March quarter of the fiscal year 2018-19 (FY19). The state-owned lender had posted a loss of Rs 7,711.17 crore in the year-ago period. Net interest income (NII) during the quarter came in at Rs 22,954 crore, up 15 per cent on year-on-year (YoY) basis.
The bank has made a provision of Rs 16502 crore during the quarter ended March 31, 2019 as compared to Rs 6,006 crore in the December 2018 quarter on a standalone basis. For the fulll year ended March 2019, the state-owned bank has mae a provision of Rs 53.828 crore as against Rs 75,039 crore in the previous corresponding period.
The Bank has reduced its marginal cost of lending rate (MCLR) by 5 basis points (bps) across all tenors with 1-year MCLR coming down from 8.50 per cent per annum (p.a.) to 8.45 per cent p.a.