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( 31 Jul 2020)
SBI Q1 net profit jumps 81.18% at Rs 4189.34 cr

The bank reported standalone net profit of Rs 4,189.34 crore for the quarter ended June 30, 2020 as compared to Rs 2312.20 crore in the same period last year, registering a year-on-yearÿgrowthÿof 81.18 per cent.

Interest income of the bank rose by 6.17 per cent at Rs 66500.38 crore for the quarter ended June 30, 2020 as against Rs 62637.81 crore in the corresponding period last year.

During the April-June quarter, total income rose by 5.38 per cent to Rs 74,457.86 crore from Rs 70,653.23 crore in the year ago period.

Meanwhile, operating expenses increased by 0.92 per cent to Rs 57,936.51 crore from Rs 57,407.07 crore in the same period last year.

Operating profit surged 24.73 per cent to Rs 16,521.35 crore from Rs. 13,246.16 crore.

Provisions and Contingencies surged by 36.14 per cent at Rs 12,501.30 crore from Rs 9,182.94 crore a year ago.

NII, the difference between interest earned on loans and interest paid on deposits, increased by 16.14 per cent at Rs 26,641.56 crore versus Rs 22,938.79 crore in the year ago period. Non-interest income dipped 0.72 per cent year-on-year to Rs 7,957.48 crore.

On the asset side, gross non- performing assets (NPAs)ÿfellÿto 5.44 per cent of the gross advances as at the end of June 30, 2020 from a level of 7.53 per cent year earlier. Its net NPAs or bad loans tooÿdeclinedÿto 1.86 per cent of net advances on June 30, 2020 from 3.07 per cent a year ago.