SBI Life Insurance Q1 net profit up 5.11% at Rs 390.89 cr

The company reported standalone net profit of Rs 390.89 crore for the quarter ended June 30, 2020 as compared to Rs 371.90 crore in the same period last year, registering a year-on-year growth of 5.11 per cent. Net revenue of the company rose substantially by 30.97 per cent at Rs 282.23 crore in April-June quarter of this fiscal as against Rs 215.50 crore in the corresponding period last year.\

During April-June quarter, operating expenses dropped by 185.24 per cent to Rs -9.01 crore from Rs 10.57 crore in year ago period. Other Income dipped by 6.02 per cent at Rs 1.56 crore versus (Jun'19 Rs 1.66 crore).

Operating Profit surged by 2.64 per cent to Rs 386.12 crore as against Rs 376.18 crore in the year ago period, while Operating Profit Margin (OPM) contracted year-on-year to 21.63 per cent in June quarter. Taxation decreased by 154.04 per cent at Rs -3.21 crore (Jun'19 Rs 5.94 crore).

Source: Investment Guru India