SBI Results : The country’s largest bank SBI announced its financial results on Wednesday (August 4, 2021). According to this, in the first quarter (April-June, 2021) of the current financial year, there has been a tremendous increase of 55.3 percent in the profit of the bank. The bank’s net profit increased to Rs 6504 crore in the first quarter. The net profit of the bank has also increased compared to the March quarter. The bank’s net profit in the March quarter was Rs 6451 crore.
Net interest income also increased
The Net Interest Income (NII) of State Bank of India (SBI) has also increased as compared to the previous financial year. In the first quarter of the current financial year (2021-22), the bank’s NII increased by 3.7 percent to Rs 27,638 crore. However, the domestic net interest margin has come down by 9 basis points to 3.15 per cent. Non-interest income increased by 24.3 percent to reach Rs 11,803 crore.
SBI has said in a press release that its operating profit has increased by 5.06 percent to Rs 18,975 crore in the first quarter of the current financial year as compared to the first quarter of the previous financial year. Its operating profit stood at Rs 18,061 crore in the first quarter of the last financial year. The bank’s CASA deposit has also improved. The CASA deposit has increased to Rs 16.59 lakh crore as compared to the previous financial year, while the CASA ratio has increased by 63 basis points to 45.97 percent.
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fall in NPAs
The NPA of the bank has declined by 12 basis points and has come down to 5.32 per cent, while the NPA ratio has come down by 9 basis points to 1.77 per cent. However, NPAs have increased by 34 basis points as compared to the previous quarter. Most of the banks have been under pressure due to Corona. Defaults in bank loans have increased significantly. This has affected the financial performance of almost all the public sector banks.