SBI's Q1FY21 net profit up 81%

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SME Times News Bureau | 31 Jul, 2020
The country's biggest lender State Bank of India (SBI) on Friday reported a rise of 81 per cent in its standalone net profit on the back of Q1FY21.

Accordingly, the bank's net profit rose to Rs 4,189 crore from Rs 2,312 crore reported for the like period of the previous year.

"'Operating Profit' increased to Rs 18,061 crore in Q1FY21 from Rs 13,246 crore in Q1FY20, an increase of 36.35 per cent YoY," the bank said in a statement.

"Net Interest Income of the bank grew by 16.14 per cent YoY during Q1FY21."

The bank's domestic Net Interest Margin (NIM) improved to 3.24 per cent in Q1FY21, registering an increase of 23 bps YoY.

The lender's Net NPA ratio stood at 1.86 per cent, down 121 bps YoY and 37 bps QoQ.

"Gross NPA ratio at 5.44 per cent is down 209 bps YoY and 71 bps QoQ," the statement said.

"'Provision Coverage Ratio' (PCR) has improved to 86.32 per cent, up 698 bps YoY and 270 bps QoQ."