New Delhi: India’s largest bank State Bank of India (SBI) posted Friday an 81 per cent spike in standalone net profit at Rs 4,189.34 crore. This achievement for the State bank of Indian happened for the first quarter of current fiscal as bad loans declined. The lender had reported a net profit of Rs 2,312.02 crore in the April-June quarter of 2019-20.
SBI’s standalone total income increased to Rs 74,457.86 crore in the first quarter of 2020-21 as against Rs 70,653.23 crore in the same period a year ago. The financial results were posted by the bank on stock exchanges.
SBI’s gross non-performing assets (NPA) of the total advances declined to 5.44 per cent at June-end, over 7.53 per cent at June-end last year. Similarly, net NPAs also declined to 1.8 per cent in June 2020 against 3.07 per cent a year ago.
On a consolidated basis, SBI’s net profit rose by 62 per cent to Rs 4,776.50 crore as against Rs 2,950.50 crore in the same quarter a year ago. At the same time, total income increased Rs 87.984.33 crore as compared to Rs 83,274.04 crore in the first quarter of the previous fiscal.