SBI’s Q2FY21 net profit rises over 51% (Ld)

Mumbai, Nov 4 : Lending major State Bank of India on Wednesday reported a rise of 51.88 per cent in its standalone net profit for Q2FY21 on a year-on-year basis.
Accordingly, the lender’s net profit increased to Rs 4,574 crore from Rs 3,012 crore reported for the corresponding period of the previous fiscal.
Besides, the Net Interest Income (NII) increased to Rs 28,181 crore in Q2FY21 from Rs 24,600 crore in Q2FY20, an increase of 14.56 per cent YoY.
“The bank has delivered a strong performance in Q2FY21 with all-round improvement in ‘Profitability, Capital Adequacy and Provision Coverage Ratio, including Additional Provision over Minimum Regulatory Provisions’ required,” the SBI said in a statement.
However, the bank’s non-interest income (excluding one-off items) remained flat at Rs 8,528 crore from Rs 8,538 crore earned during Q2FY20.
Furthermore, the lender’s credit growth stood at 6.02 per cent YoY, mainly driven by “Retail (Personal) Advances (14.55 per cent YoY), Agri Advances (4.19 per cent YoY) and Corporate Advances (2.82 per cent YoY)”.