State Bank of India posted Q1FY21 earnings almost in line with expectations for quarterly and annual profits. The bank's NII for Q1FY21 stood at Rs 26,642 Cr, increasing by 16.1% YoY/17.0% QoQ. PPOP increased by 24.7% YoY/7.0% QoQ and Net Income stood at Rs 4,189 Cr, up by 81.2% YoY/17.0% QoQ. Advances growth (+7.7% YoY/down by 1.2% QoQ) was driven primarily by fresh SME segment disbursals which grew by 4.1% QoQ while retail loans grew a tad slower by 0.2% QoQ and the agri & corporate portfolio de-grew sequentially. The deposits grew by 16.0% YoY/5.5% QoQ in Q1FY21, and was driven by both savings (up 8.4% YoY/17.3% QoQ) and term deposits (15.4% YoY/5.4% QoQ) after consumption trend slowed down due to the pandemic
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