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SBI’s net profit up 80% to Rs 6451 crore in fourth quarter

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SBI had a great performance in the fourth quarter

Mumbai:

The net profit of State Bank of India (SBI) on a standalone basis has jumped 80 per cent to Rs 6,450.75 crore in the January-March quarter of the financial year 2020-21. Profit has increased due to a significant reduction in the provision of stranded loans (NPAs). SBI told the stock market that its profit during the January-March quarter of 2019-20 was Rs 3,580.81 crore. The bank’s single net profit rose 41 per cent to Rs 20,410.17 crore during the entire financial year 2020-21, compared to its previous finance. 14,488.11 crore in the year.

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SBI Chairman Dinesh Khara said that we have further strengthened our performance in the fourth quarter in terms of both profit and asset quality. Despite the disruptions caused by the epidemic, we have been able to continuously improve in all areas in terms of profit. State Bank said that its total income increased to Rs 81,326.96 crore during the March quarter of the last financial year, which was Rs 76,027.51 crore in the same period of 2019-20. The bank’s net profit grew by 60 percent to Rs 7,270.25 crore in the fourth quarter of the previous fiscal, from Rs 4,557.49 crore in the same period of the previous fiscal.

The bank’s total NPA was 4.98 per cent of total advances as on 31 March 2021, compared to 6.15 per cent in the same period of 2020. The gross NPA ratio of SBI has come down to 5 per cent, the lowest in five years. We do not see any concern in terms of property quality in the times to come. Similarly, net NPAs also came down to 1.50 per cent as on 31 March 2021, from 2.23 per cent in the year-ago period.

The bank’s net NPA was Rs 36,810 crore in March 2021. The provision for stranded debt declined by 16.64 per cent to Rs 9,914 crore from Rs 11,894 crore in the fourth quarter of the last financial year. Khara said that due to the recent increase in Corona cases and the lockdown imposed in various states for its prevention, the boom in the economy was slowing down.

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