SBI (STATE BANK OF INDIA) REPORTED A STONG PERFORMANCE IN THIS QUARTER

State Bank of India (SBI) India’s largest bank has reported its Q2 FY21 result. The Bank has witnessed a strong financial performance in Q2FY21.

The bank reported second-quarter net profit jumped 52% to ₨.4,574 crore as net interest income rose and the lender cut its provision for bad loans.

The Bank’s total income was at ₨.75,341.80 crore, up 3.42 per cent from Rs 72,850.78 crore a year ago.

The bank’s net interest income (NII) for the quarter rose 14.56 per cent to Rs 28,181 crore, while net interest margins (NIMs) came in at 3.34 per cent, compared with 3.22 per cent a year ago.

Total Deposits of the bank grew at 14.41% YoY, out of which Current Account Deposit grew by 8.55% YoY, while Saving Bank Deposits grew by 16.28% YoY.

Net NPAs for the quarter stood at 1.59 per cent against 2.79 per cent in previous year.