State Bank of India posts 52% rise in quarterly profit

SBI reports 55% rise in consolidated net profit at Rs 5,246 crore for Q2 ended September

The country's largest lender State Bank of India (SBI) on Wednesday reported a 55 per cent increase in its consolidated net profit at Rs 5245.88 crore for the second quarter ended September 30 on account of decline in bad loans.

The bank's net profit was Rs 3,375.40 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 95,373.50 crore in the quarter under review, compared to Rs 89,347.91 crore in the year-ago period.

The asset quality of the bank improved with the gross non-performing assets (NPAs) declining to 5.28 per cent of the gross advances as on September 30, 2020, from 7.19 per cent a year ago.

Net NPAs or bad loans too declined to 1.59 per cent of the advances from 2.79 per cent in the year-ago period.

On a standalone basis, the bank's net profit alone rose nearly 52 per cent to Rs 4,574.16 crore as against Rs 3,011.73 crore.

The lender's total income improved to Rs 75,341.80 crore in the July-September quarter, up from Rs 72,850.78 crore.