The country’s largest lender State Bank of India (SBI) on Wednesday reported a 55% increase in consolidated net profit at Rs 5,245.88 crore for the second quarter ended September 30 on account of decline in bad loans.
New Delhi, November 4
The country’s largest lender State Bank of India (SBI) on Wednesday reported a 55% increase in consolidated net profit at Rs 5,245.88 crore for the second quarter ended September 30 on account of decline in bad loans.
Total income rises to Rs 95,373 crore
- Total income rose to Rs 95,373.50 crore in the quarter under review as compared to Rs 89,347.91 crore a year ago
- On a standalone basis, the bank’s net profit rose nearly 52% to Rs 4,574.16 crore as against Rs 3,011.73 crore
The bank’s net profit stood at Rs 3,375.40 crore in July-September quarter of the previous fiscal, SBI said in a regulatory filing. Total income rose to Rs 95,373.50 crore in the quarter under review as compared to Rs 89,347.91 crore a year ago.
The lender’s standalone total income rose to Rs 75,341.80 crore in the July-September quarter from Rs 72,850.78 crore a year ago.
The bank’s asset quality also improved, with gross non-performing assets (NPAs) declining to 5.28% of the gross advances as on September 30, 2020 from 7.19% a year ago. — PTI
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