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State Bank of India’s profit surges 81% in Q1, bad loans decline

State Bank of India (SBI) — the country’s largest lender — reported an 81% rise in quarterly profit on Friday, helped by a one-time gain from a stake sale in its life insurance unit.

Net profit of SBI rose 81% year-on-year to Rs 4,189 crore in the three months ended June. This includes an exceptional gain worth Rs 1,540 crore due to sale of investments in SBI Life Insurance.

Country’s largest bank’s standalone total income increased to Rs 74,457.86 crore in the first quarter of 2020-21 as against Rs 70,653.23 crore in the same period a year ago, as per the financial results posted by the bank on stock exchanges.

Its gross non-performing assets (NPA) of the total advances declined to 5.44 per cent at June-end, over 7.53 per cent at June-end last year.

Similarly, net NPAs also declined to 1.8 per cent in June 2020 against 3.07 per cent a year ago.

On a consolidated basis, SBI’s net profit rose by 62 per cent to Rs 4,776.50 crore as against Rs 2,950.50 crore in the same quarter a year ago.

At the same time, total income increased Rs 87.984.33 crore as compared to Rs 83,274.04 crore in the first quarter of the previous fiscal. 

(With inputs from agencies)

Source: Thanks