Net profit of SBI rose 66.7% in second quarter
Net profit of SBI rose 66.7% in second quarter

New Delhi: State Bank of India (SBI) said on Wednesday that its net profit rose 66.7 per cent to Rs 7,626.6 crore on an annual basis in the quarter ended September 2021. The bank's performance this quarter has been good. The asset quality of the SBI remained strong in the quarter under review, as its total non-performing loan ratio improved to 4.90 per cent. This was 5.32 per cent in the previous quarter. At the same time, the net NPA ratio stood at 1.52 per cent. On the other hand, it stood at 1.77 per cent in the previous quarter.

In the quarter under review, SBI's Net Interest Income (NII) rose 29 per cent to Rs 31,183.9 crores on an annual basis. The slippage ratio for the September quarter has been 0.66 per cent. Earlier in the June quarter, it was 2.47 per cent. That is, it has declined. The provision coverage ratio (PCR) has been 87.68 per cent. The state-run bank said in a statement that credit cost has fallen by 51 basis points to 0.43 per cent on an annual basis.

SBI reported that its domestic net interest margin (NIM) for the quarter has been at 3.50 per cent. It has increased by 16 basis points on an annual basis. Their total deposits for the quarter increased by 9.77 per cent. Current account deposits have increased by 19.20 per cent while saving bank deposits have increased by 10.55 per cent on an annual basis.

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