For the quarter ending June, SBI reported Rs. 2312.20 profit in comparison to a loss Rs 4,875.85 crore during the same period a year ago. The profit has jumped due to lower provisioning at the bank which has fallen 11% year-on-year.
State Bank of India Reports Rs. 2312 Crore Profit On Lower Provisioning
The net interest income which is the difference between the interest earned and spended also jumped higher by 5.3% to Rs 22,938 crore. Excluding one-off items, NII was up 15.45%.
CAR improved at the bank to 12.89% from the earlier 12.83%. Net interest margin at the bank stood at 3.01%.
The lender made provisions worth Rs 11,648.45 crore, which was lower than the March quarter's Rs 17,335.84 crore and year-ago's Rs 13,037.90 crore.
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