SBI net profit in Q1 surges 55% to Rs 6,504 crore

State Bank of India's (SBI) standalone total income increased to Rs 77,347.17 crore in the first quarter of 2021-22 as against Rs 74,457.86 crore in the same period a year ago, according to regulatory filing.

A man checks his mobile phones in front of State Bank of India (SBI) branch in Kolkata, India, February 9, 2018. (REUTERS)

The country’s biggest bank SBI on Wednesday posted a 55 per cent rise in standalone net profit at Rs 6,504 crore for the first quarter of the current financial year, helped by decline in bad loans.

The lender had reported a net profit of Rs 4,189.34 crore in the April-June quarter of 2020-21.

State Bank of India’s (SBI) standalone total income increased to Rs 77,347.17 crore in the first quarter of 2021-22 as against Rs 74,457.86 crore in the same period a year ago, according to regulatory filing.

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The bank’s gross non-performing assets (NPA) of the total advances declined to 5.32 per cent at June-end from 5.44 per cent at June-end last year.

Similarly, net NPAs also declined to 1.7 per cent in June 2020 against 1.8 per cent a year ago.

On a consolidated basis, SBI’s net profit also rose by 55 per cent to Rs 7,379.91 crore as against Rs 4,776.50 crore in the same quarter a year ago.

At the same time, total income increased to Rs 93,266.94 crore as compared to Rs 87,984.33 crore in the first quarter of the previous fiscal.