Business Economy

SBI Q4 profit jumps 80 pc to Rs 6,451 crore as bad loans situation improves

SBI had earned a profit of Rs 3,580.81 crore during the January-March period of 2019-20, the lender said in a regulatory filing.

The country’s largest lender SBI on Friday reported an 80 per cent surge in standalone net profit at Rs 6,450.75 crore for the fourth quarter ended March 2021, aided by decline in bad loans.

State Bank of India (SBI) had earned a profit of Rs 3,580.81 crore during the January-March period of 2019-20, the lender said in a regulatory filing.

Total income of the bank during the March quarter of the last financial year rose to Rs 81,326.96 crore, from Rs 76,027.51 crore in the same period of 2019-20.

During the quarter under review, net interest income rose 19 per cent to Rs 27,067 crore, from Rs 22,767 crore in the same period a year ago.

On a consolidated basis, the bank reported a 60 per cent increase in net profit at Rs 7,270.25 crore, compared to Rs 4,557.49 crore in the fourth quarter of the financial year 2019-20.

With regard to asset quality, gross non-performing assets (NPAs) of the bank improved to 4.98 per cent of gross advances as on March 31, 2021, as against 6.15 per cent in the same period of 2020.

It further said that in absolute terms gross NPAs declined to Rs 1,26,389 crore in March 2021, from Rs 1,49,092 crore in the same period last year.

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