SBI Q1 results: Standalone y-o-y net profit up 55% at ₹6,504 crore
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State Bank of India (SBI) reported a 55 per cent jump in standalone year-on-year (y-o-y) net profit at ₹6,504 crore in the first quarter ended June 30, 2021, on the back of healthy growth in other income and decline in loan loss provisions. This is the highest quarterly net profit posted by the bank.
India’s largest bank had reported a net profit of ₹4,189 crore in the year-ago quarter.
Net interest income (difference between interest earned and interest expended) increased by about 4 per cent y-o-y at ₹27,638 crore (₹26,642 crore in the year-ago period).
Loan loss provisions down
Total non-interest income, including fee income, profit/loss on sale of investments, forex income and miscellaneous income, rose about 48 per cent y-o-y at ₹11,803 crore (₹7,957 crore).
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Loan loss provisions were 47 per cent lower at ₹5,030 crore (₹9,420 crore).
Gross non-performing assets (GNPAs) increased by ₹7,870 crore during the reporting quarter to stand at ₹1,34,259 crore as at June-end 2021.
GNPA position improved to 5.32 per cent of gross advances against 5.44 per cent in the year ago quarter. However, GNPAs increased by 34 basis points over the preceding (Q4FY21) quarter.
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Net NPA position too improved to 1.77 per cent of net advances against 1.86 per cent. However, NNPAs increased by 27 basis points over the preceding quarter.
SBI reported a 45 per cent y-o-y increase in consolidated net profit at ₹7,539 crore (₹5,203 crore).
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