SBI reports 55% jump in first quarter net profit of Rs.6,504 crore

Country’s largest lender, State Bank of India, SBI, on Wednesday reported a 55 per cent jump in its first quarter net profit of 6,504 crore rupees in comparison to the same quarter last year.

SBI’s net interest income in the quarter rose 3.7 percent to 26,642 crore rupees, while other income soared 48.5 percent to 11,802.7 crore rupees.

SBI’s provisions in the quarter



dipped but asset quality suffered. Provisions and contingencies dipped 19.6 percent to 10,052 crore rupees in the quarter. On asset quality front, bank’s gross non-performing assets ratio declined to 5.32 per cent from 4.98 per cent in the previous quarter. Similarly, the lender’s net NPA ratio also dipped slightly to 1.77 percent as against 1.5 per cent in the previous quarter.