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SBI gets Rs 2312 crore profit, reduced NPAs and income gains

Business

  • Profit up 176% on quarterly basis, to Rs 838 crore in January-March
  • Income increased to Rs 70653 crore, net NPA reduced to 3.07%

new Delhi. The country’s largest bank SBI reported a profit of Rs 2,312.20 crore in the April-June quarter. There was a loss of Rs 4,875.85 crore in the June quarter last year. SBI reported profitability due to lower NPAs and rising incomes. Profit in the June quarter increased by 176% compared to a profit of Rs 838.40 crore in the March quarter of this year.

Provision of NPA reduced by 31% on quarterly basis

The bank’s income increased from Rs 65,492.67 crore to Rs 70,653.23 crore. Gross NPAs decreased from 10.69% to 7.53%. Net NPA declined to 3.07%. Last year was 5.29% in the June quarter. NPA’s provisioning declined by 32.80% to Rs 11,648.45 crore on a quarterly basis. 17.335.84 crores in the March quarter. Income from interest increased by 5.23% to 22,938.79.

SBI shares fell 3% on the BSE, down 2.76% at Rs 308.45. It finished trading at Rs 307.95 on NSE, falling 2.90%. The bank had released quarterly results while trading in the stock market.

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