Big profit for SBI in the first quarter

State Bank of India (SBI) has been instrumental in its efforts to get out of the morale of stranded debt (NPA). The bank said in a briefing to the stock exchanges on Friday that its net profit jumped 81 percent in the first quarter (April-June 2020) of the current financial year.

A major reason for this is that the bank's NPA has decreased significantly. According to the statement, SBI's standalone net profit increased to Rs 4,189.34 crore in the first quarter reached its net profit was Rs 2,312.02 crore in the same period of the last financial year.

The bank's profit in the first quarter of the current financial year also increased as it sold its 2.1 percent stake in SBI Life. From its sale to the bank 1,539.69 crores received. After this sale, the bank's stake in SBI Life has come down to 55.60 percent. The gross NPA of the bank declined to 5.44 percent during this period from 7.53 percent in the same period of the previous financial year.

At the same time, the net NPA is now 1.8 percent, which was 3.07 percent in the same period of last fiscal. During the period under review, SBI standalone (which does not include accounts of any other branch) income increased to Rs 7445786 crore.

SBI Q1 Results: Net Profit Jumps 81% To ₹4,189.34 Crore, Beats Estimates