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.