New Delhi, November 4
The country’s largest lender State Bank of India (SBI) on Wednesday reported a 55% 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 to Rs 89,347.91 crore a year ago.
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% of the gross advances as on September 30, 2020 from 7.19% a year ago. — PTI