Green miles to go and promises to keep
The world gathers for yet another pow-wow at the climate conference in Glasgow. What can we expect to gain ...
State Bank of India (SBI) reported a 67 per cent jump in second quarter standalone net profit at ₹7,627 crore against ₹4,574 crore in the year ago quarter on the back of a lower loan loss provision burden and healthy growth in net interest income.
During the reporting quarter, gross non-performing assets (GNPAs) came down by ₹10,318 crore (net of slippages) at ₹1,23,942 crore as at September-end 2021.
The net interest income (difference between interest earned and interest expended) of India’s largest bank was up about 11 per cent year-on-year (yoy) to ₹ 31,184 crore (₹28,181.50 crore in the year ago quarter).
Other income, including profit/ loss on sale of assets, profit/ loss on revaluation of investments (net), earnings from foreign exchange and derivative transactions, recoveries from accounts previously written off, dividend income, etc., declined about 4 per cent yoy to ₹8,208 crore (₹8,528 crore).
Loan loss provisions declined 52 per cent yoy to ₹2,699 crore against ₹5,619 crore.
The GNPA position improved to 4.90 per cent of gross advances as at September-end 2021 against 5.32 per cent in the preceding quarter.
The net NPAs position, too, improved to 1.52 per cent of net advances against 1.77 per cent in the preceding quarter.