Why ULIP mis-selling has become rampant ?
Why is there so much mis-selling of ULIP? How to avoid this mis-selling? Who should take ULIP?
State Bank of India (SBI) on May 21 reported a profit after tax of Rs 6,451 in Q4 of FY21 which is 80.15% higher than Rs 3,581 crore posted in the same quarter last year. Net Interest Income (NII) rose by 18.89% to Rs 27,067 crore in Q4FY21 compared to Rs 22,767 crore in Q4FY20.
Net Interest Margins (NIM) for the whole bank in the March quarter came at 2.90% rising 16 basis points on QoQ.
Asset quality improved significantly with the gross non-performing assets (NPA) as a percentage of gross advances falling 46 basis points (bps) sequentially to 4.98% in the quarter ended March 2021. The net NPA in the same period declined 31 bps QoQ to 1.50%.
Provisions and contingencies came at Rs 13,249 crore in January-March 2021 quarter, declined 10.98% year-on-year.
The lender reportedly received a windfall of nearly Rs 4,000 crore as part of dues owed by bankrupt steelmaker Bhushan Power and Steel.
The central board of the bank has also declared a dividend of Rs 4 per equity share for the financial year ended March 31. The date of payment of the dividend has been fixed for June 18, 2021.
Shares of SBI rallied sharply post Q4 results. The scrip traded 4.54% higher at Rs 402 at around 2.54 pm (IST), while the benchmark BSE Sensex was up 923 points, or 1.86%, at 50,488 at around the same time.