SBI posts consolidated net profit of Rs 8,890crore, up by 69%
The bank's net profit on a standalone basis increased by 67% to Rs 6,504 crore as compared to Rs 4,574.16 crore
State Bank of India (SBI) has reported a 69% increase in its consolidated net profit at Rs 8,889.84 crore for the second quarter ended September 30, owing to decline in bad loans. The country’s largest lender in a regulatory filing had reported a net profit of Rs 5,245.88 crore in the July to September quarter of previous fiscal.
NPAs fall 4.90% of gross advances
As compared to the second quarter in the year ago period, the bank’s total income rose to Rs 1,01,143.26 crore in the quarter under review from Rs 95,373.50 crore.
The bank’s net profit on a standalone basis increased by 67% to Rs 6,504 crore as compared to Rs 4,574.16 crore last year.
The lender’s total income increased to Rs 77,689.09 crore from Rs 75,341.80 crore in the July-September quarter of the last fiscal.
The bank’s asset quality improved with the gross non-performing assets (NPAs) falling to 4.90% of the gross advances as on September 30, 2020, from 5.28% a year ago. Bad loans or net NPAs too slipped to 1.52% of the advances from 1.59% in the year-ago period.
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