SBI Profit Jumps Four-Fold
State Bank of India (SBI) - the country's largest lender by assets reported a net profit of Rs 3,580.81 crore for the quarter ended March 31. That marked a surge of more than four times compared to its profit of Rs 838.40 crore in the corresponding period a year ago. The financial results by State Bank of India come at a time when the country is in the fifth phase of a nationwide lockdown to battle the spread of the coronavirus pandemic, which has battered the economy. SBI's net interest income - or the difference between the interest earned from loans and the interest expended on deposits - dropped marginally to Rs 22,767 crore in the fourth quarter of 2019-20, from Rs 22,954 crore in the year-ago period. Asset quality improved as gross non-performing assets as a percentage of total loans came in at 6.15 per cent in the fourth quarter of 2019-20, as against 6.94 per cent in the quarter ended December 31, and 7.53 per cent in the quarter ended March 31, 2019. Total gross NPAs stood at Rs 1,49,091.85 crore. Net NPAs came in at 2.23 per cent in the January-March period, as against 2.65 per cent in the previous quarter.
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