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SBI reports 81 pc increase in net profit in Q1FY21 SBI

SBI reports 81 pc increase in net profit in Q1FY21

India Blooms News Service | @indiablooms | 31 Jul 2020, 03:47 pm

Mumbai/IBNS: India's largest public sector lender State Bank of India on Friday reported a net profit of Rs 4,189.4 crore in June quarter of FY21, up by 81 per cent year-on-year (y-oy), owing to the increase in net interest income.

SBI had recorded a net profit of Rs 2,312 crore in the June quarter in the year-ago period.

The bank's net interest income (NII) stood at Rs 26,641.5 crore in the June quarter, an increase of 16 per cent on a y-o-y basis but its other income plummeted 0.7 per cent y-o-y to Rs 7,957 crore in the same period.

In the first quarter of this fiscal, the bank's total provisions rose 36 per cent y-o-y to Rs 12,501 crore, of which additional provisioning for Covid-19 was Rs 1,836 crore. Its total provisioning for the pandemic as on June 30 was Rs 3,008 crore.

For the June quarter SBI reported improvement in asset quality with gross non-performing asset (NPA) ratio declining  to 5.44 per cent as its gross non-performing loans came in at Rs 1,29,660.69 crore as against Rs 1,49,091.85 crore in the previous quarter. A high gross non-performing asset (NPA) ratio indicates poor asset quality for a bank and a decline is considered an improvement.

The bank said its total deposits rose 16 per cent y-o-y to Rs 34.19 trillion while its total advances rose 7.6 per cent y-o-y to Rs 22.98 trillion.

It maintained a capital adequacy ratio of 13.4% as on June 30 under Basel III guidelines.