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SBI Q2 net jumps 55% to 5,246 cr as bad loans fall
The country’s largest lender State Bank of India (SBI) on Wednesday reported a 55 per cent increase in consolidated net profit at Rs 5,245.88 crore for the second quarter ended September 30 on account of decline in bad loans.
New Delhi: The country's largest lender State Bank of India (SBI) on Wednesday reported a 55 per cent increase in consolidated net profit at Rs 5,245.88 crore for the second quarter ended September 30 on account of decline in bad loans.
The bank's net profit stood at Rs 3,375.40 crore in July-September quarter of the previous fiscal, SBI said in a regulatory filing. Total income rose to Rs 95,373.50 crore in the quarter under review as compared with Rs 89,347.91 crore a year ago. On a standalone basis, the bank's net profit rose nearly 52 per cent to Rs 4,574.16 crore as against Rs 3,011.73 crore. The lender's standalone total income rose to Rs 75,341.80 crore in the July-September quarter from Rs 72,850.78 crore a year ago.
The bank's asset quality also improved, with gross non-performing assets (NPAs) declining to 5.28 per cent of the gross advances as on September 30, 2020 from 7.19 per cent a year ago. Net NPAs or bad loans also declined to 1.59 per cent of the advances from 2.79 per cent a year ago.