SBI Q1 Result: According to regulatory filings, the standalone total income of the bank increased to Rs 77,347.17 crore in the first quarter of FY 2021-22. 74,457.86 crore in the same quarter a year ago.
State Bank of India
The country’s largest public sector bank State Bank of India (SBI) made a record profit in the June quarter. SBI’s standalone net profit grew 55 per cent to Rs 6,504 crore in the April-June quarter of the financial year 2021-22. Due to this, the bank had a net profit of Rs 4,189.34 crore in the first quarter of the last financial year 2020-21. The bank said that the reduction in bad loans has benefited.
According to regulatory filings, the bank’s standalone total income increased to Rs 77,347.17 crore in the first quarter of FY 2021-22. 74,457.86 crore in the same quarter a year ago. Bank non-performing assets (NPA) declined to 5.32 per cent at the end of June from 5.44 per cent at the end of June last year. Similarly, Net NPAs also declined to 1.7 per cent in June 2020, from 1.8 per cent a year ago.
Operating profit up 5.06 percent
SBI’s net profit on a consolidated basis grew 55 per cent to Rs 7,379.91 crore as against Rs 4,776.50 crore in the same quarter a year ago. Similarly, the total income increased from Rs 87,984.33 crore to Rs 93,266.94 crore. During this period, the operating profit of the bank increased by 5.06 percent to Rs 18,975 crore from Rs 18,061 crore in the same quarter last year.
On a quarter-on-quarter basis, the provisioning of the bank increased from Rs 11,051 crore to Rs 10,052 crore. At the same time, in the same quarter last year, the bank had made a provisioning of Rs 12,501 crore.
In the first quarter, the net interest margin of the bank has increased from 3.11 per cent to 3.15 per cent on a quarterly basis. On a quarterly basis, the provision for NPAs of the bank declined to Rs 5,029.8 crore from Rs 9,914.2 crore in the June quarter. At the same time, in the first quarter of last year, the bank had made a provision of Rs 9,420 crore for NPA.
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