SBI reported its third quarterly results for FY20 with net profit jumping 41% to Rs. 5583 crore. The higher profit is primarily owed to improvement in asset quality.
Gross NPAs at the bank reduced to 6.94% as against 8.71% in the same quarter last year. In the previous quarter ended September, the sequential figure was placed at 7.19%.Percentage of net NPA stood at 2.65 per cent against 3.95 per cent on a yearly basis.
Also, the net interest income at the bank jumped by 7% to Rs. 27779 crore for the quarter ended December of FY 20.
After the results, the shares of SBI gain 2% to Rs. 315.75 per share.