SBI, the country’s largest public sector bank, recorded a record profit in the fourth quarter of FY 2021. During this period, the bank’s profit has increased by 80 per cent to about Rs 6451 crore. Whereas in the same quarter a year ago, the bank had a profit of close to Rs 3581 crore. There has been a huge jump in the fourth quarter profits due to the bank’s growth, net interest income, other income and reduced provisioning for bad loans. The bank has announced a dividend of 4 rupees on every share to shareholders for the financial year.
SBI’s interest income has increased. The bank’s interest income in the fourth quarter also increased by 18.9 per cent to Rs 27,067 crore. Whereas the interest income was Rs 22,767 crore in the same quarter last year. The bank’s loan growth has been 5 per cent on an annual basis, which is expected.
SBI’s provision for the fourth quarter on a quarter-on-quarter basis has been increased by Rs 10,342.4 crore to Rs 11,051 crore. That is, it has increased by 6.9 percent on a quarterly basis. Whereas in the fourth quarter of last year, the bank made provisions of Rs 13,495.1 crore. That is, it has decreased by 18.1 percent on an annual basis.
