The country’s largest financial institution by assets, State Bank of India, on Friday report that its total profit in quarter ended March 2021 rose 80 per cent to Rs 6,451 crore compared with Rs 3,581 crore during the same period last year. Profit was boosted by decline in provisions for bad loans an annual basis. Its provisions for bad loans fell to Rs 9,914 crore versus Rs 11,840 crore in the same period last year.
SBI’s net interest income (NII) came in 19 per cent higher at Rs 27,067 crore versus Rs 22,767 crore in the same quarter last year.
SBI’s asset quality saw an improvement during the quarter as its gross non-performing assets (NPAs), as a percentage of total advances, came in at 4.98 per cent as against 6.15 per cent during the March quarter of last year. Gross NPAs stood at Rs 1,26,389 crore.
The central board of the bank has also declared a dividend of Rs. 4.00 per equity share for the financial year ended 31st March 2021, its first payout since May 2017, when it had rewarded shareholders with ₹2.6 per share. The date of payment of the dividend is fixed on 18th June 2021, the bank said.
In the time of pandemic “The spread of COVID 19 across the globe has resulted in a decline in economic activities and increase in movement in financial markets. In this situation, largest bank of the country is gearing up itself on all fronts to meet the challenges.