SBI Q4 profit jumps 80% as bad loans dip

New Delhi, May 21

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The country’s largest lender SBI on Friday reported an 80% surge in standalone net profit at Rs 6,450.75 crore for the fourth quarter ended March 2021, aided by decline in bad loans.

State Bank of India (SBI) had earned a profit of Rs 3,580.81 crore during the January-March period of 2019-20, the lender said in a regulatory filing.

Total income of the bank during the March quarter of the last financial year rose to Rs 81,326.96 crore, from Rs 76,027.51 crore in the same period of 2019-20.

NPAs down at 4.98%

• Total income during the March quarter of the last financial year rose to Rs81,326.96 crore, from Rs76,027.51 crore in the same period of 2019-20
• Gross NPAs improved to 4.98% of advances as on March 31, 2021, as against 6.15% in the same period of 2020

During the quarter under review, net interest income rose 19% to Rs 27,067 crore, from Rs 22,767 crore in the same period a year ago.

On a consolidated basis, the bank reported a 60% increase in net profit at Rs 7,270.25 crore, compared to Rs 4,557.49 crore in the fourth quarter of the financial year 2019-20.

With regard to asset quality, gross non-performing assets (NPAs) of the bank improved to 4.98% of gross advances as on March 31, 2021, as against 6.15% in the same period of 2020. — PTI