SBI reports strong net profit as bad loan eases down

The country's largest lender State Bank of India (SBI) on Wednesday reported a 69 per cent jump in its consolidated net profit at ₹8.889.84 crore for the second quarter ended September 30 on account of decline in bad loans.

The bank's net profit was ₹5,245.88 crore in the July-September quarter of previous fiscal, SBI said in a regulatory filing.

The total income of the SBI group rose to Rs 1,01,143.26 crore in the quarter under review, compared to ₹95,373.50 crore in the year-ago period.

On a standalone basis, the bank's net profit rose 67 per cent to ₹6504 crore as against ₹4,574.16 crore.

The lender's total income increased to ₹77,689.09 crore from ₹75,341.80 crore in the July-September quarter of last fiscal.

The asset quality of the bank improved with the gross non-performing assets (NPAs) declining to 4.90 per cent of the gross advances as on September 30, 2020, from 5.28 per cent a year ago.

Net NPAs or bad loans too declined to 1.52 per cent of the advances from 1.59 per cent in the year-ago period.

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