SBI’s Q2FY21 net profit rises over 51%

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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 lenders’ 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.

“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 lender said in a statement.

Source: IANS

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