The PSU bank's net profit jumped 52% to Rs 4,574.16 crore in Q2 September 2020 from Rs 3,011.73 crore in Q2 September 2019.
Total income rose 3.42% to Rs 75,341.80 crore in Q2 September 2020 over Q2 September 2019. Profit before tax (PBT) rose 25.3% to Rs 6,341.45 crore in Q2 September 2020 from Rs 5,059.83 crore in Q2 September 2019. Tax expense for the quarter fell 13.7% at Rs 1767 crore as against Rs 2048 crore in Q2 September 2019.The bank's gross non-performing assets (NPAs) stood at Rs 1,25,862.99 crore as on 30 September 2020 as against Rs 1,29,660.69 crore as on 30 June 2020 and Rs 1,61,636 crore as on 30 September 2019.
The ratio of gross NPAs to gross advances stood at 5.28% as on 30 September 2020 as against 5.44% as on 30 June 2020 and 7.19% as on 30 September 2019. The ratio of net NPAs to net advances stood at 1.59% as on 30 September 2020 as against 1.86% as on 30 June 2020 and 2.79% as on 30 September 2019.
Provision and contingencies fell by 23% to Rs 10,118.31 crore in Q2 FY21 from Rs 13,138.93 crore in Q2 FY20.
During the quarter ending September 2020, the bank said it made an additional provision of Rs 239 crore on COVID-19 related accounts. The bank now holds a total of Rs 3,247 crore COVID-19 related provisions.
The Provisioning Coverage Ratio as at 30 September 2020 works out to 88.19%.
Shares of SBI were down 1% at Rs 202.7 on BSE. The result was announced during market hours today, 4 November 2020.
State Bank of India (SBI) is an Indian multinational, public sector banking and financial services statutory body. As of 30 September 2020, the Government of India held 57.63% stake in the bank.
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