SBI Q1 results: Net profit surges 55% to Rs 6,504 crore; shares up

SBI Q1 results: Net profit surges 55% to Rs 6,504 crore; shares up

FPJ Web DeskUpdated: Wednesday, August 04, 2021, 02:50 PM IST
article-image
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 SBI/Representational Image | PTI/File

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.

RECENT STORIES

2,900 Acres Of Land Deals With Market Value Of ₹31,000 Crore Transacted In First Six Months Of...

2,900 Acres Of Land Deals With Market Value Of ₹31,000 Crore Transacted In First Six Months Of...

Big Update For Customers: No More Need To Maintain Minimum Balance In Bank Accounts?

Big Update For Customers: No More Need To Maintain Minimum Balance In Bank Accounts?

Realme 15 Pro 5G, Realme 15 5G Set To Launch In India On July 24, Vicky Kaushal Announced As...

Realme 15 Pro 5G, Realme 15 5G Set To Launch In India On July 24, Vicky Kaushal Announced As...

Adani Power's Implementation Of Vidarbha Industries Power Completed For ₹4000 Crore ; Boosts...

Adani Power's Implementation Of Vidarbha Industries Power Completed For ₹4000 Crore ; Boosts...

Shares Of Indian Textile Firms Rally As Trump Slaps 35% Tariff On Bangladesh

Shares Of Indian Textile Firms Rally As Trump Slaps 35% Tariff On Bangladesh