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SBI Q2 profit surges 52% to Rs 4,574 crore, NII increases to Rs 28,181 crore

The worries over NPA, delay in stressed accounts resolution and loan growth slowdown continued to weigh on the banking sector, especially PSU banks.

November 05, 2020 / 02:13 PM IST

State Bank of India (SBI), the largest lender in India, on November 4 registered a significant 51.9 percent year-on-year growth in standalone profit for September quarter, driven by lower provisions and tax cost, and higher net interest income.

Standalone profit increased to Rs 4,574 crore during the quarter, compared to Rs 3,012 crore in the year-ago period, beating analysts' expectations.

Net interest income - the difference between interest earned and interest expended - climbed 14.6 percent year-on-year to Rs 28,181.5 crore in Q2FY21 with credit growth at 6.02 percent YoY and net interest margin at 3.34 percent for the quarter.

The deposits grew by 14.41 percent YoY, with current account deposit
rising by 8.55 percent YoY and saving bank deposits up by 16.28 percent YoY, said the bank.