The country’s largest lender State Bank of India (SBI) on November 3 reported a 69% 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 ₹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% 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% of the gross advances as on September 30, 2020, from 5.28% a year ago.
Net NPAs or bad loans too declined to 1.52% of the advances from 1.59% in the year-ago period.