The country’s largest lender State Bank of India (SBI) on Wednesday reported a 55% increase in its consolidated net profit at ₹ 5245.88 crore for the second quarter ended September 30 on account of decline in bad loans.
The bank’s net profit was ₹ 3,375.40 crore in the July-September quarter of previous fiscal, SBI said in a regulatory filing.
The total income of the SBI group rose to ₹ 95,373.50 crore in the quarter under review, compared to ₹ 89,347.91 crore in the year-ago period.
The asset quality of the bank improved with the gross non-performing assets (NPAs) declining to 5.28% of the gross advances as on September 30, 2020, from 7.19% a year ago.
Net NPAs or bad loans too declined to 1.59% of the advances from 2.79% in the year-ago period.
On a standalone basis, the bank’s net profit alone rose nearly 52% to ₹ 4,574.16 crore as against ₹ 3,011.73 crore.
The lender’s total income improved to ₹ 75,341.80 crore in the July-September quarter, up from ₹ 72,850.78 crore.
