The country’s largest bank SBI on Friday posted 81 per cent jump in standalone net profit to Rs 4,189.34 crore for the first quarter, aided by decline in bad loan and sale of minority stake in its subsidiary SBI Life Insurance.
New Delhi:
The bank had reported a net profit of Rs 2,312.02 crore in the AprilJune quarter of 2019-20. The June quarter profit reflects Rs 1,539.73 crore earned out of sale of 2.1 per cent stake in SBI Life Insurance Company, the bank said while announcing its first quarter numbers.
Consequently, holding of the public sector bank in SBI Life has come down to 55.60 per cent from 57.70 per cent. Standalone total income increased to Rs 74,457.86 crore in the first quarter of 2020-21, from Rs 70,653.23 crore in the same period a year ago, SBI said.
Operating profit of the bank increased by 36 per cent to Rs 18,061 crore, against Rs 13,246 crore in the April-June quarter previous fiscal. Interest income of the bank rose to Rs 66,500 cr against Rs 62,638 cr at the end of June 2019, registering a growth of 6 per cent. However, net interest margin of the bank declined to 3.01 per cent as against 3.24 per cent at the end of first quarter of last year.