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Rupee settles 4 paise lower at 74.84 against US dollar.

Date: 31-07-2020
Subject: Rupee settles 4 paise lower at 74.84 against US dollar
The country's biggest lender State Bank of India on July 31 reported a standalone profit of Rs 4,189.34 crore for the quarter ended June 2020, a growth of 81.2 percent over a year-ago period driven by stake sale in life insurance business, but the additional COVID-19 related provisions limited growth.

Net interest income, the difference between interest earned and interest expended, increased 16.1 percent to Rs 26,641.56 crore compared to Rs 22,938.8 crore in year-ago period.

Profit as well as NII both were ahead of a CNBC-TV18 poll estimates of Rs 3,222.2 crore and Rs 23,940.3 crore respectively.

In June this year, SBI sold 2.1 percent equity stake in SBI Life Insurance Company via offer for sale route to comply with shareholding norms.

The moratorium was at 9.5 percent of total loan book at the end of June quarter, against 23 percent in March quarter.

SBI share price fell 9 percent in June quarter and plunged 44 percent year-to-date amid fear of likely increase in asset quality concerns especially after the end of six-month moratorium on August 31.

Source:- moneycontrol.com

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