SBI Reports 51.8% Jump In Q2 Net Profit

On Wednesday, the State Bank of India (SBI) reported a 51.88 percent increase in net profit for the September-ended profit at Rs 4,574 crore from Rs 3,012 crore in the same period a year ago.

"Bank has delivered a strong performance in Q2FY21 with all round improvement in profitability, capital adequacy and provision coverage ratio, including additional provision over minimum regulatory provisions required," the public sector lender said in a stock exchange filing.

Its operating profit (excluding exceptional items) rose to Rs 16,460 crores in the second quarter of 2020-21, 11.86 percent higher than Rs 14,714 Crores in the same period last year.

Net interest income (NII), that is the difference between interest earned and interest disbursed), grew by 14.56 percent in the September-ended quarter.

Asset quality of SBI improved during the quarter under review with net NPA (non-performing assets) ratio at 1.59 percent, down 1.20 percent from September 2019 and 0.27 percent from the June-ended quarter. Gross NPA ratio stood at 5.28 percent at the end of September 2020, down 1.91 percent from a year ago and 0.16 percent lower than the last quarter.

Provision Coverage Ratio (PCR) improved to 88.19 percent, up 69.6 percent year-on-year and 1.87 percent from the previous quarter.

Total deposits of the country's largest bank grew at 14.41 percent in the September-ended quarter from the same period a year ago, out of which current account deposits rose 8.55 percent while saving bank deposits were up by 16.28 percent.