State Bank of India (SBI) on Friday reported a whopping 81% year-on-year increase in net profit to Rs 6,451 crore for the quarter ended March 31. India’s largest bank posted a net profit of ₹3,551 crore for the same period last year.
Net interest income, the difference between interest earned and interest expended, increased by 18.9% year-on-year to Rs 27,067 crore in the last quarter of FY20. The loan book witnessed a 5% year-on-year growth, the bank said.
The bank registered an operating profit of Rs 19,700 crores in Q4FY21 as compared to Rs 18,465 crores in Q4FY20, an increase of 6.69% year on year.
The lender’s provisions and contingencies fell to Rs 11,051 crore during the quarter under review. It was Rs 13,495.1 crore for the corresponding period a year ago.
The gross non-performing assets (NPA) declined 46 bps sequentially to 4.98% in the quarter ended March 2021. The net NPA in same period dropped 31 bps quarter-on-quarter to 1.50%. The pre-provision operating profit also jumped 25.2% to Rs 19,700.15 crore during the March quarter.
Total Deposits grew at 13.56% year-on-year, out of which current account deposit rose by 27.36% year-on-year, while saving bank Deposits increased by 14.79% year-on-year.
The bank declared a dividend of Rs 4 per equity share for the financial year ended March 31. The date of payment of dividend has been fixed on June 18, the bank said in the regulatory note.
For FY21, the standalone profit increased by 40.9% year-on-year to Rs 20,410.47 crore, the bank said. It was driven by pre-provision operating profit and lower tax cost. Net interest income grew by 12.9 percent to Rs 1,10,740 crore in the financial year ended in March.
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