Industry

SBI net profit in Q1 surges 55 % to ₹ 6,504 crore

State Bank of India (SBI) branch in Kolkata. File   | Photo Credit: Reuters

The country's biggest bank State Bank of India (SBI) on Wednesday posted a 55 % rise in standalone net profit at ₹ 6,504 crore for the first quarter of the current financial year, helped by decline in bad loans.

The lender had reported a net profit of ₹ 4,189.34 crore in the April-June quarter of 2020-21.

State Bank of India's (SBI) standalone total income increased to ₹ 77,347.17 crore in the first quarter of 2021-22 as against ₹ 74,457.86 crore in the same period a year ago, according to regulatory filing.

The bank's gross non-performing assets (NPA) of the total advances declined to 5.32 % at June-end from 5.44 % at June-end last year.

Similarly, net NPAs also declined to 1.7 % in June 2020 against 1.8 % a year ago.

On a consolidated basis, SBI's net profit also rose by 55 % to ₹ 7,379.91 crore as against ₹ 4,776.50 crore in the same quarter a year ago.

At the same time, total income increased to ₹ 93,266.94 crore as compared to ₹ 87,984.33 crore in the first quarter of the previous fiscal.


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Printable version | Sep 25, 2021 10:55:07 PM | https://www.thehindu.com/business/Industry/sbi-net-profit-in-q1-surges-55-to-6504-crore/article35718140.ece

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