State Bank of India posts Rs 2,312 crore net profit in Q1

Mumbai: The country's largest bank SBI on Friday posted a standalone net profit of Rs 2,312.02 crore for the first quarter of current fiscal, mainly driven by higher income and reduction in bad loans.

The bank had reported a loss of Rs 4,875.85 crore in the April-June quarter of 2018-19. SBI's standalone total income increased to Rs 70,653.23 crore in the first quarter of 2019-20 as against Rs 65,492.67 crore in the same period a year ago, as per the financial results posted by the bank on stock exchanges. Its gross non-performing assets (NPA) compared to assets declined to 7.53 per cent at June-end, over 10.69 per cent at June-end last year.

Similarly, there was decline in net NPAs to 3.07 per cent in June 2019, compared to 5.29 per cent a year ago. Shares of the public sector bank was trading at Rs 319.45 apiece on the BSE, up 0.71 per cent at around 1400 hours.

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