SBI clocks highest quarterly net profit
Q2 net profit surges 67% to Rs6,504 cr; Drop in bad loans; Asset quality improved as GNPAs decline to 4.90% from 5.28%
SBI to offload 6% stake in MF arm via OFS
New Delhi: India's largest lender State Bank of India (SBI) on Wednesday reported a 69 per cent jump in consolidated net profit to Rs 8,889.84 crore for the second quarter ended September 30, mainly due to a decline in bad loans. The bank's net profit was Rs 5,245.88 crore in the July-September quarter of the previous fiscal, SBI said in a regulatory filing.
The total income of the SBI group rose to Rs 1,01,143.26 crore in the quarter under review, compared to Rs 95,373.50 crore in the year-ago period. On a standalone basis, the bank's net profit rose 67 per cent to Rs 7,627 crore against Rs 4,574.16 crore. The bank has registered its highest quarterly net profit, it said in a statement. During the quarter, the operating profit increased by 9.84 per cent to Rs 18,079 crore from Rs 16,460 crore a year ago.
The lender's total income increased to Rs 77,689.09 crore from Rs 75,341.80 crore in the July-September quarter of the last fiscal. The asset quality of the bank improved with the gross non-performing assets (NPAs) declining to 4.90 per cent of the gross advances as of September 30, 2021, from 5.28 per cent a year ago. Net NPAs or bad loans too declined to 1.52 per cent of the advances from 1.59 per cent in the year-ago period.
