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SBI Q2 results: Net profits rises 52% to Rs 4,574 crore, NII up 6%

State Bank of India (SBI) on Wednesday reported a 52 per cent rise in net profit to Rs 4,574.16 crore for the July-September quarter of fiscal year 2020-21

twitter-logoBusinessToday.In | November 4, 2020 | Updated 14:19 IST
SBI Q2 results: Net profits rises 52% to Rs 4,574 crore, NII up 6%
State Bank of India

State Bank of India (SBI) on Wednesday reported a 52 per cent rise in net profit to Rs 4,574.16 crore for the July-September quarter of fiscal year 2020-21 as against Rs 3,011.73 crore in the corresponding period of last year. Total income stood at Rs 75,341.80 crore as against Rs 75,850.78 crore in the same period of FY20. Net interest income (NII) - the difference between interest earned and interest expended - increased 5.9 per cent to Rs 28,182 crore as against Rs 24,600 crore in Q2FY20.

The net NPA was reported at Rs 36,451 crore compared to Rs 42,704 crore in Q2FY20. The gross NPA fell to Rs 1.25 lakh crore as against Rs 1.29 lakh crore in the second quarter of last year. The public sector bank said that its gross NPA would have been at 5.88 per cent and net NPA would have been at 2.08 per cent if the Supreme Court order were not taken into consideration.

Provisions and contingencies for the quarter under review stood at Rs 10,118 crore declined 23 percent compared to year-ago period and the sequential fall was 19.1 per  cent in the second quarter of the running fiscal. "The provision coverage ratio would be 85.25 percent, if the bank had followed the IRAC norms," SBI said in the exchange filing.

Meanwhile, shares of SBI were trading at Rs 202.35, down 2.40 points, or 1.17 per cent as against previous close on NSE at the time of reporting.

Also read: SBI Cards & Payments hunts for funds to fight COVID-19 NPAs

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