SBI standalone Q2 net up 52% to Rs 4,574 cr on rise in net interest income
The country’s largest lender State Bank of India’s (SBI) net profit (on a standalone basis) rose 51.88 per cent to Rs 4,574 crore in the second quarter (Q2FY21) steady rise in net interest income and dip in provisions for bad loans.
It had posted a net profit of Rs 3,012 crore in July-September 2019 (Q2FY20). Lender had posted net profit of Rs 4,189 crore in first quarter ended June 2020 (Q1Fy21), the company said in a statement.
SBI stock was trading 0.44 per cent lower at Rs 203.85 per share on BSE.
The bank’s Net Interest Income (NII) grew by 14.56 per cent Rs 28,181 crore in Q2Fy21 from Rs 24,600 crore in Q2Fy20. NII was Rs 26,642 crore in Q1Fy21.
The Net Interest Margin (NIM) improved by 12 basis points (bps) to 3.34 per cent in Q2FY21 as against 3.22 per cent in Q2FY20. Sequentially, NIM was at 3.24 per cent in Q1Fy20.
The other income was flat to Rs 8,528 crore in Q2FY21 from Rs 8,538 crore in a year ago quarter. NII was Rs 7,957crore in Q1Fy21.
The provisions and contingencies down to Rs 10,118 crore in Q2FY21 from Rs 13,138 crore in Q2FY20. The lender made COVID-19 related provisions of Rs 239 crore in the quarter, taking total Covid-19 related provisions to Rs 3,247 crore at end of September 2020.
The provision coverage ratio (PCR) stood at 88.19 per cent in September 2020 from 81.23 per cent a year ago. The PCR was 86.32 per cent in Q1Fy21.
The bank’s gross non-performing assets (NPAs) declined to 5.28 per cent in September 2020 from 7.19 per cent in September 2019. GNPA were at 5.44 per cent in June 2020.
Net NPAs declined to 1.59 per cent from 2.79 per cent in September 2019. Net NPA were at 1.86 per cent in June 2020.
Overall capital adequacy ratio (CAR) was at 14.72 per cent at the end of Q2FY21.
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