India’s largest public sector bank State Bank of India (SBI) on Friday reported a standalone net profit of Rs 6,450.75 crore for quarter ended March 2021 (Q4FY21) aided by fewer provisions on bad loans. The lender’s PAT was 80.14 per cent higher than previous year’s profit of Rs 3,580.8 crore. On a quarterly basis, the bottom line expanded 24.14 per cent.
SBI declared a dividend of Rs 4 per equity share for the financial year ended March 31, 2021. The date of payment of dividend is fixed on June 18, 2021.
During the quarter under review, the Mumbai-based lender’s provisions and contingency fund dropped 18.11 per cent year-on-year (YoY) to Rs 11,051 crore, of which provision for NPA was Rs 9,914.23 crore, from Rs 13,495 crore set aside in Q4FY20.
At the end of the fiscal year, SBI's Provision Coverage Ratio stood at 87.75 per cent relative to FY20's 83.62 per cent.
Sequentially, it rose 6.8 per cent from Rs 10,342.39 crore earmarked in the December quarter of FY21 (Q3FY21).
The numbers met Street expectation that had baked a jump in net profit anywhere between 65 per cent and 115 per cent. The lowest estimate by ICICI Securities, however, had pegged the profit at Rs 4,704.6 crore, up 31 per cent YoY.
As regards provisions, analysts expected them to come in anywhere between Rs 7,302.6 crore and Rs 14,886 crore.
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First Published: Fri, May 21 2021. 13:59 IST