New Delhi The country’s largest bank State Bank of India (SBI) has reported a seven per cent reduction in net profit in the third quarter of the current financial year on a single basis. The bank has stated that the net single profit of the bank stood at Rs 5,196.22 crore during the October to December quarter, 2020. The bank had a net profit of Rs 5,583.36 crore in the third quarter of FY 2019-20. State Bank has informed the stock markets that the bank’s income also fell to Rs 75,980.65 crore on a single basis during the October-December quarter. In the same quarter of the last financial year, the bank had a revenue of Rs 76,797.91 crore on a single basis.
The bank has reported a net loss of 5.8 per cent to Rs 6,402.16 crore on an integrated basis during the period under review. Public sector bank had a net integrated profit of Rs 6,797.25 crore in the same quarter of the previous financial year.
SBI has reported significant improvement in asset quality. The bank has reported that the gross non-performing assets (NPAs) of the bank stood at 4.77 per cent of the total loans for the quarter ended December 31, 2020. In the third quarter of the last financial year, the bank’s gross NPA stood at 6.94 per cent of the total loan.
On the basis of value, the bank’s gross NPA or stranded loan figure stood at Rs 1,17,244.23 crore.
Similarly, the net NPA was reduced to 1.23 percent. The net NPA of the company stood at 2.65 percent in October-December, 2019.
However, the bank increased the provision for stranded loans to Rs 10,342.39 crore for the period under review from Rs 7,252.90 crore in the year-ago period.
On the BSE, SBI’s share price was trending at a level of Rs 342.65 with a rise of 2.02 per cent.
