In its quarterly and year ended performance, SBI came up with good results reporting a profit of Rs. 6451 crore, 81 percent jump y-oy. Total revenue at the bank came in at Rs. 81,327 crore, as against Rs. 75,980 crore in December quarter.
The surge is on the back of lower provisioning and higher income.
Net profit before taxes at the firm came in at Rs. 27,541 crore. Net interest income,jumped by 18.9 percent YoY to Rs 27,067 crore in Q4FY21. Adances during the review period also surged 5%.
On the development, the scrip of SBI moved higher by 4 percent to Rs. 399.65 at day's high on the NSE.
Provisions at the bank have been lowered Y-o-Y by 18 percent but are still at elevated levels of Rs. 11051 crore.
Asset quality at the bank also improved significantly, with gross NPA as a percentage of gross advances declining to 4.98% and net NPAs during the period fell to 1.5 percent.
The board of State Bank of India has also announced a dividend of Rs. 4 per share for the year ended 2021.