State Bank of India Net Profit Rises 80% To Rs 6,451 Crore In March Quarter

SBI's net interest income (NII) came in 19 per cent higher at Rs 27,067 crore versus Rs 22,767 crore in the same quarter last year.

The country's largest lender by assets, State Bank of India, on Friday said that its net profit in quarter ended March 2021 rose 80 per cent to Rs 6,451 crore compared with Rs 3,581 crore during the same period last year. Profit was aided by decline in provisions for bad loans an annual basis. Its provisions for bad loans fell to Rs 9,914 crore versus Rs 11,840 crore in the same period last year. SBI's net interest income (NII) or the difference between interest earned and interest expended came in 19 per cent higher at Rs 27,067 crore versus Rs 22,767 crore in the same quarter last year. SBI's asset quality saw an improvement during the quarter as its gross non-performing assets (NPAs), as a percentage of total advances, came in at 4.98 per cent as against 6.15 per cent during the March quarter of last year. Gross NPAs stood at Rs 1,26,389 crore. Net NPAs as a percentage came in at 1.5 per cent.