MUMBAI: State Bank of India (SBI) on Friday reported a net profit of Rs6,451 crore for the three months to March, a jump of 80% year-on-year on the back of higher income and lower provisions.
India’s largest bank’s March quarter profit was pegged at Rs6,166.2 crore, according to a Bloomberg estimate of 10 analysts.
The lender’s provisions were at Rs11,051 crore in the quarter under review, while net interest income – the difference between interest earned and expended – stood at ?27,067 crore in Q4.
The bank saw an improvement in its asset quality in the fourth quarter of FY21. Gross non-performing assets (NPAs) as a percentage of total advances stood at 4.98%, down 117 basis points (bps) on year-on-year (y-o-y) but 21 bps higher sequentially.
Capital adequacy ratio under Basel III norms stood at 13.74%, up 68 bps y-o-y and 14 bps on quarter.
Shares of SBI on the BSE traded at Rs387.5 apiece at 1:52 pm, up 0.8% from its previous close.
News Source:- Livemint