SBI's encouraging quarterly profit stood at Rs 4,189 crore

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Net interest income rises 15 per cent to Rs 2,31 crore Total deposits rise 15 per cent to Rs 2.16 lakh crore

(Commercial Representative) Mumbai, Ta. 31 July 2020, Friday

State Bank of India (SBI), India's largest public sector lender, has released encouraging results for the first quarter ended June 30, 2020. The bank's consolidated net profit rose 21 per cent to Rs 412.5 crore from a year ago. Which is recorded through an increase in net interest income.

The bank's net interest income rose 19 per cent to Rs 2,31.5 crore. Analysts had estimated the bank's net profit at Rs 5-600 crore. State Bank of India's quarterly total provisions rose 5 per cent to Rs 12,401 crore, while other revenue fell 0.2 per cent to Rs 5 crore. The bank has made an additional provision of Rs 15 crore for Covid-17 and the total provision for this has increased to Rs 2,008 crore at the end of June 30, 2020. The bank's asset quality-NPA has also improved, bringing the total NPA down 21 basis points to 7.5 per cent. Total deposits have increased by 15 per cent to Rs 2.15 lakh crore. Total lending, on the other hand, grew by 4.5 per cent to Rs 4.5 lakh crore.

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