SBI's Q2 profit surges 52 per cent YoY to Rs 4,574 crore
New Delhi | Jagran Business Desk: India's largest lender State Bank of India has reported a net profit of Rs 4574 crore in the September quarter, marking a 51.9 per cent growth in a standalone profit from the corresponding quarter a year ago.
The bank's interest income for the second quarter grew by 14.56 per cent on the year-on-year basis, while its net non-performing assets ratio was at 1.59 percent -- down 120 basic points on YoY basis, SBI said in a statement, as quoted in a report by news agency ANI.
SBI's credit growth stood at 6.02 per cent YoY, driven by retail (personal) advances (14.55 per cent YoY), agri advance (4.19 per cent YoY) and corporate advances (2.82 per cent YoY). Its total deposits grew at 14.41 per cent on a YoY basis, out of which the Saving Bank Ddeposits grew by 16.28 per cent and Account deposits grew by 8.55 per cent.
Its cost to income ratio improved by 86 basic points to 52.61 per cent in H1FY21, the statement read.
The bank had registered a net profit of Rs 3,012 in the second quarter of 2019-20, and an increase of nearly 52 per cent is greater than some of the media poll projections. The bank's profit after tax in Q1 FY21 was Rs 4,189 crore.
The statement added that Bank's home loans grew by 10.34 per cent on a YoY basis in the second quarter of FY 21. State Bank of India's home loans constitute 23 per cent of its domestic advances.
Posted By: Lakshay Raja