SME Times News Bureau | 06 Jun, 2020
State Bank of India (SBI) on Friday reported a four-fold jump in its net
profit for the January-March quarter of financial year 2019-20 at Rs
3,581 crore.
The net profit for the quarter rose by 327 per cent
from Rs 838 crore net profit reported during the corresponding quarter
FY 2018-19.
The state-run lender reported a surge in profits
largely on the back of a one-time gain of Rs 2,731 crore, from a stake
sale in its credit card unit, SBI Cards.
Net NPA ratio of the
bank was 2.23 per cent, down 78 bps YoY and 42 bps QoQ and the gross NPA
ratio at 6.15 per cent was down 138bps YoY and 79 bps QoQ, the bank
said in a regulatory filing.
