SBI posts 51.8 pc Jump in Net Profit
SBI posts 51.8 pc Jump in Net Profit

India's largest Commercial Bank, State Bank of India (SBI) on Wednesday reported a 51.88 percent increase in net profit for the Sept-ended (Q2) profit at Rs 4,574 crore from Rs 3,012 crore in the corresponding period a year ago.

The lender said in a stock exchange filing that the "Bank has delivered a strong performance in Q2FY21 with all-round improvement in profitability, capital adequacy and provision coverage ratio, including additional provision over minimum regulatory provisions required,"

The Bank’s operating profit rose to Rs 16,460 crores in the Q2 of 2020-21, 11.86 percent higher than Rs 14,714 Crores in the corresponding period last year. Net interest income (NII) grew by 14.56 percent in the September-ended quarter. Asset quality of SBI improved during the quarter under review with net NPA ratio at 1.59 percent, down 1.20 percent from September 2019 and 0.27 percent from the June-ended quarter.

Gross NPA ratio stood at 5.28 percent at the end of September 2020, down 1.91 percent from a year ago and 0.16 percent lower than the last quarter. Total deposits of the bank grew at 14.41 percent in the Sept-ended quarter from the same period a year ago, out of which current account deposits rose 8.55 percent while saving bank deposits were up by 16.28 percent.

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