Categories: Business

SBI Q1 profit up 81 percent, NII up 16 percent

Photo: FILE PHOTO

SBI Q1 profit up 81 percent, NII up 16 percent

new Delhi. State Bank of India, the country's largest bank, reported a profit of 81 per cent in the June quarter to Rs 4189 crore. This sharp jump in profit was seen in the life insurance business during the quarter due to sales. The bank had a profit of Rs 2312 crore in the same quarter last year. In the month of June itself, SBI sold a 2.1 per cent stake in SBI Life Insurance for about Rs 1540 crore through Offer for Sale.

Net interest income for the quarter ended June was up 16.1 per cent over the previous year to Rs 26641 crore. The bank's net interest income i.e. NII was at Rs 22,938 crore in the same quarter last year. Net interest income is the difference between the interest earned on a loan by a bank and the interest paid on deposits to customers.

There has also been an increase in provision on bank loans during the quarter. Provisions during the quarter rose to Rs 12501 crore, up 36 per cent over the previous year. Although there has been a decrease in comparison to the March quarter, provision of Rs 13495 crore was made in the quarter ended in March. During the June quarter, additional provisions of Rs 1836 crore were also made due to Kovid 19. With this, total provisions have crossed Rs 3000 crore by June quarter due to Kovid 19.

Gross NPAs fell on a quarterly basis and fell to a level of 5.44 per cent in the first quarter. Gross NPAs were at 6.15 per cent in the March quarter.

This post was published on July 31, 2020 3:22 pm

Content Team

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