Shares of India’s largest public sector bank State Bank of India gained 5 percent after the bank on Friday reported an 80 per cent surge in standalone net profit of Rs 6,450.75 crore for quarter ended March 2021 (Q4FY21) aided by fewer provisions on bad loans. State Bank of India (SBI) had registered a profit of Rs 3,580.81 crore during January-March period of 2019-20, the lender said in a regulatory filing.The jump in profit was supported by net interest income and other income, while the low base in the year-ago quarter added to the jump.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. The domestic net interest margin expanded 17 bps year-on-year to 3.11 percent in Q4FY21 but fell 23 bps sequentially. With regard to asset quality, gross non-performing assets (NPAs) of the bank improved at 4.98 per cent of gross advances as on March 31, 2021, as against 6.15 per cent by the same period of 2020.
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