The country's biggest bank SBI on Wednesday posted a 55 per cent rise in standalone net profit at Rs 6,504 crore for the first quarter of the current financial year, helped by decline in bad loans. On a sequential basis, the net profit was 0.8 per cent higher than Rs 6,451 crore in the preceding March quarter.
The lender had reported a net profit of Rs 4,189.34 crore in the April-June quarter of 2020-21.
State Bank of India's (SBI) standalone total income increased to Rs 77,347.17 crore in the first quarter of 2021-22 as against Rs 74,457.86 crore in the same period a year ago, according to regulatory filing.
The bank's gross non-performing assets (NPA) of the total advances declined to 5.32 per cent at June-end from 5.44 per cent at June-end last year.
Similarly, net NPAs also declined to 1.7 per cent in June 2020 against 1.8 per cent a year ago.
On a consolidated basis, SBI's net profit also rose by 55 per cent to Rs 7,379.91 crore as against Rs 4,776.50 crore in the same quarter a year ago.
At the same time, total income increased to Rs 93,266.94 crore as compared to Rs 87,984.33 crore in the first quarter of the previous fiscal.
At 2.46, SBI shares were up Rs.13.75 or 3.08 percent at Rs 460.20.
