The country’s largest lender State Bank of India (SBI) on Wednesday reported a 69 per cent jump in its consolidated net profit at Rs 8.889.84 crore for the second quarter ended September 30 on account of decline in bad loans.
The bank’s net profit was Rs 5,245.88 crore in the July-September quarter of 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 6504 crore as against Rs 4,574.16 crore.
The lender’s total income increased to Rs 77,689.09 crore from Rs 75,341.80 crore in the July-September quarter of 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 on September 30, 2020, 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.
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