New Delhi, November 3
The country’s largest lender State Bank of India on Wednesday reported a 69% 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.
Bad loans dROP to 1.52% of advances
- On a standalone basis, the bank’s net profit rose 67% to Rs7,627 crore against Rs 4,574.16 crore
- Net NPAs or bad loans declined to 1.52% of the advances from 1.59% in the year-ago period
“The bank has performed well on most of the profitability parameters during the quarter. The net profit for the quarter stands at Rs 7,627 crore. It has witnessed an increase of 66.73% on a year-on-year basis and is the highest ever quarterly net profit,” SBI Chairman Dinesh Khara said.
During the quarter, the operating profit increased by 9.84% to Rs 18,079 crore from Rs 16,460 crore a year ago. The lender’s tsotal income increased to Rs 77,689.09 crore from Rs 75,341.80 crore in the July-September quarter of the last fiscal. — PTI
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