State Bank Of India Profit Rises 52% To Rs 4,574 Crore In September Quarter
State Bank of India (SBI), the country's largest lender by assets, on Wednesday reported a net profit of Rs 4,574.16 crore in the July-September period. That marked an increase of 52 per cent compared to its profit of Rs 3,011.73 crore in the corresponding period a year ago. Lower provisioning for non-performing assets - or bad loans - boosted Mumbai-based SBI's profitability in the second quarter of current financial year. SBI shares traded in a narrow range after the announcement. (Track SBI Stock Price)
The bank's net interest income - or the difference between interest earned and interest paid - grew 14.55 per cent to Rs 28,181.50 crore in the quarter ended September 30, from Rs 24,600.32 crore in the year-ago period.
SBI's provisioning for bad loans fell sharply to Rs 5,619.28 crore in the July-September period, from Rs 9,420 crore in the previous quarter.
On an annual basis, provisions for bad loans came down 49 per cent.
The bank's asset quality showed a slight improvement in the second quarter of current financial year. Its gross non-performing assets as a percentage of total advances came down to 5.28 per cent, from 5.44 per cent in the June quarter.
Total gross NPAs stood at Rs 1,25,863 crore in the three months to September 30, as against Rs 1,29,661 crore in the previous quarter.
SBI said that its credit growth in retail segment was returning to pre-COVID-19 levels.
At 2:36 pm, State Bank of India shares traded 0.42 per cent lower at Rs 203.90 on the BSE, underperforming the benchmark S&P BSE Sensex index, which was up nearly 1 per cent.
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