SBI Net profit jumps 52 per cent to ₹4,574 crore in Q2
Published On: Wednesday, November 4, 2020 | By: Team KnowMyStock
The largest Mumbai based Nationalised bank, State Bank of India on Wednesday reported a net profit of ₹ ₹4,574 crores in the September quarter as compared to ₹3011 crores in the same period of the previous year as the lender's provisions declined during the quarter and tax cost and higher net interest income. On a quarterly basis, the profit rose 9 per cent from Rs 4,189.3 crore-profit reported in Q1FY21. It reported net NPA of 1.59% of total assets as compared to 2.79% in the same quarter of the previous year. Gross NPA stood at 5.28%, as compared to 7.19% in the year-earlier quarter. Analyst had estimated the profit at Rs 2,117.2 crore. The deposits grew by 14.41 per cent YoY, with current account deposit rising by 8.55 per cent YoY and saving bank deposits up by 16.28 per cent YoY, said the bank. The bank’s operating profit increased nearly 12 per cent to Rs 16,460 crores in Q2FY21 from Rs 14,714 crores clocked in Q2FY20.
During the September quarter, the bank earmarked provisions worth Rs 10,118 crore, down 23 per cent YoY from Rs 13,138.9 crore set aside in Q2FY20. Of this, provisions for NPA were at Rs 5,619.28 crore, down from Rs 11,040.72 crore YoY. Sequentially, provisions dipped 19.06 per cent from Rs 12,501.3 crore.Stock price of the lender hit a low of Rs 198.1 per share post the result but bounced back 5.5 per cent to hit a high of Rs 209 apiece on the BSE.
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