SBI's profit surges in Q1, bad loans decline
SBI (State Bank of India) on Friday posted an 81 per cent spike in standalone net profit at Rs 4,189.34 crore 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 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, as per the financial results posted by the bank on stock exchanges.
NPAs decline
Its 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.
