The net profit earned by the State Bank of India (SBI), the country’s largest public sector bank, in the fourth quarter increased by 80 per cent.
The bank told the stock exchange on Friday: The personal net profit earned by the bank in the fourth quarter ended March last financial year was Rs 6,450.75 crore. This is an 80 per cent increase compared to Rs.3,580.81 crore earned during the corresponding period of the previous financial year 2019-20.
Total revenue increased from Rs 76,027.51 crore to Rs 81,326.96 crore in the valuation quarter. The bank’s net interest income in the accounting quarter reached Rs 27,067 crore from Rs 22,767 crore to 19 per cent.
In overall terms, the net profit earned by the bank in the fourth quarter increased by 60 per cent from Rs 4,557.49 crore to Rs 7,270.25 crore. The total bad debt ratio has improved from 6.15 per cent in 31 st 2020 to 4.98 per cent in the corresponding period 2021.The total bad debt in terms of value has come down from Rs 1,49,092 crore to Rs 1,26,389 crore.
Similarly, the net bad debt rate has also come down from 2.23 per cent to 1.50 per cent. Based on the value, it has come down from Rs 51,871 crore to Rs 36,810 crore.
The amount allocated for bad loans fell by 17 per cent from Rs 11,894 crore to Rs 9,914 crore. In the last financial year 2020-21, the bank’s personal net profit has reached Rs 20,110.17 crore from Rs.14,488.11 crore to 41 per cent.
Rs.4 (400%) per share for the financial year 2020-21, which ended 31st Mar 2021 SBI told the stock exchange that the bank’s operating committee has recommended payment of dividends.
The price of SBI share increased by 4.30 per cent to close at Rs 401.10 on Friday on the Bombay Stock Exchange.