About 21.8% of SBI's retail borrowers have availed the three-month moratorium on repayments, from March to May, offered by the bank and India's largest bank expects the number to improve for the next three-month period. The Reserve Bank had initially allowed banks to offer moratorium on repayment of term loans till May 31 but later extended it for another three months (till August) amid the coronavirus pandemic.
“The three-month period has just started but my feeling is that our numbers (customers availing moratorium) would not be significantly different than what they were in the first three months. It may even improve (in June-August period) as we exit the lockdown," SBI chairman Rajnish Kumar Kumar said, according to Press Trust of India.
Nearly 82% of retail borrowers have paid two or more instalments and about 92% have paid one or more instalments during March to May, SBI chairman said.
SBI on Friday registered its highest ever yearly profit in 2019-20 of ₹14,488 crore. On a quarterly basis, the bank posted a four-fold rise in March quarter profit at ₹3,581 crore boosted by a one-time gain of ₹2,731.34 crore on sale of some stake in SBI Cards and Payment Services in March quarter.
SBI shares settled at ₹187.80, up 7.90% on the BSE - after logging its biggest one-day gain in three months.
SBI expects muted loan growth of around 7.5% in the financial year ended 2021, down from an earlier 12% forecast. (With Agency Inputs)
Post a Comment