New Delhi: State Bank of India has reported a net profit of Rs 4574 crore in the July-September quarter of the financial year 2020-21. This is 51.88 percent more than the same quarter last year. Compared to the April-June 2020 quarter, the bank had a net profit of Rs 4189 crore in the first quarter. The bank’s operating profit (excluding exceptional items) grew by 11.86 per cent to Rs 16460 crore during the second quarter, from Rs 14714 crore in the same period last year. Operating profit was recorded at Rs 16521 crore in the first quarter.
The total interest income of SBI stood at Rs 28181 crore in July-September, which is 14.56 percent more than the interest income of Rs 24600 crore in the same period. At the same time, the non-interest income remained flat at Rs 8528 crore. The bank has said in the statement that SBI’s performance in the second quarter has been good. The bank has registered an improvement in profits, capital adequacy, provision coverage ratio etc.
In July-September, total deposits with SBI increased by 14.41 per cent on an annual basis to Rs 34.70 lakh crore. Of this, deposits in the current account grew by 8.55 percent, while savings account deposits grew by 16.28 percent on an annual basis. At the same time, loans went up by 6.02 per cent to Rs 23.83 lakh crore. Home loans in the second quarter grew by 10.34 percent over the previous year.
The bank’s net NPA ratio stood at 1.59 per cent in the second quarter, down 120 bps on an annual basis and 27 bps on a quarterly basis. The gross NPA ratio stood at 5.28 per cent, which is 191 bps on an annual basis and 16 bps lower on a quarterly basis. The provision coverage ratio of the bank improved to 696 bps in the second quarter to 88.19 percent. The cost to income ratio improved 86 bps to 52.61 per cent in the first half of FY 2020–21. The capital adequacy ratio i.e. CAR 113 bps improved to 14.72 per cent.
