India's largest public sector bank reported an 80% jump in standalone net profit to Rs 6,450.75 crore on a 7% rise in total income to Rs 81,326.96 crore in Q4 FY21 over Q4 FY20.
The bank's operating profit (before provisions and contingencies) increased 25.2% year on year to Rs 19,700 crore in Q4 FY21. The bank recorded a 74% rise in profit before tax (PBT) to Rs 8,649.12 crore in Q4 FY21 from Rs 4970 crore in Q4 FY20.The bank's net interest income stood at Rs 27,067 crore, 18.89% higher than Rs 22,767 crore in Q4 FY20. Net interest margin improved to 3.11% in Q4 FY21 from 2.94% in Q4 FY20. Non-Interest Income for Q4FY21 stood at Rs 16,225 crore, rising by 75.48% sequentially and 0.92% on year on year basis.
The bank's total provisions for Q4 FY21 stood at Rs 11,051.03 crore, declining 18.1% from Rs 13,495.08 crore in Q4 FY20.
On the asset quality side, gross non-performing assets (NPAs) stood at Rs 1,26,389.02 crore as on 31 March 2021 as against Rs 1,172,44.23 crore as on 31 December 2020 and Rs 1,49,091.85 crore as on 31 March 2020.
The gross NPA ratio stood at 4.98% as on 31 March 2021, compared to 4.77% on 31 December 2020 and 6.15% as of 31 March 2020. The net NPA ratio stood at 1.5% as on 31 March 2021 from 1.23% as on 31 December 2020 and 2.23% as on 31 March 2020.
The PSU Bank posted a 40.8% rise in net profit to Rs 20,410 crore for the year ended March 2021 (FY21) compared to Rs 14,488 crore in the year ended March 2020 (FY20). Total income rose 3.64% to Rs 3,07,107 crore in FY21 over FY20.
Slippages ratio for FY21 declined to 1.18% from 2.16% as at the end of FY20. Total fresh slippages in FY21 stood at Rs 28,564 crore.
Domestic deposit of the bank stood at Rs 36,81,277 crore as at March 2021 with growth of 13.56% y.o.y. Domestic advances (gross) of the bank stood at Rs 25,39,393 crore as at March 2021, with growth of 4.81% y.o.y. Home loan, which constitutes 23% SBI's domestic advances, has grown by 10.51% YoY.
Meanwhile, the bank has declared a dividend of Rs 4 per equity share for the year ended 31 March 2021.
SBI is an Indian multinational, public sector banking and financial services statutory body. As of 31 March 2021, the Government of India held 57.63% stake while Life Insurance Corporation of India held 9.25% stake in the bank.
Shares of SBI were up 3.82% at Rs 399.25 on BSE. The stock hit a high of Rs 399.75 and a low of Rs 378.10 so far during the day.
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