SBI net profit in Q1 surges 55 pc to Rs 6,504 crore

The country's biggest bank SBI on Wednesday posted a 55 percent rise in standalone net profit at Rs 6,504 crore for the first quarter of the current financial year, helped by a decline in bad loans.

The lender had reported a net profit of Rs 4,189.34 crore in the April-June quarter of 2020-21.

State Bank of India's (SBI) standalone total income increased to Rs 77,347.17 crore in the first quarter of 2021-22 as against Rs 74,457.86 crore in the same period a year ago, according to a regulatory filing.

The bank's gross non-performing assets (NPA) of the total advances declined to 5.32 percent at June-end from 5.44 percent at June-end last year.

Similarly, net NPAs also declined to 1.7 percent in June 2020 against 1.8 percent a year ago.

On a consolidated basis, SBI's net profit also rose by 55 percent to Rs 7,379.91 crore as against Rs 4,776.50 crore in the same quarter a year ago.

At the same time, total income increased to Rs 93,266.94 crore as compared to Rs 87,984.33 crore in the first quarter of the previous fiscal.

(This story has not been edited by Devdiscourse staff and is auto-generated from a syndicated feed.)