SBI Reported 4X Growth in Q4 Net Profit at Rs 3,581 Crore

State Bank of India (SBI) reported a four-fold jump in its net profit for the January-March quarter of financial year 2019-20 at Rs 3,581 crore.

The net profit for the quarter rose by 327 per cent from Rs 838 crore net profit reported during the corresponding quarter FY 2018-19.

The state-run lender reported a surge in profits largely on the back of a one-time gain of Rs 2,731 crore, from a stake sale in its credit card unit, SBI Cards.

Net NPA ratio of the bank was 2.23 per cent, down 78 bps YoY and 42 bps QoQ and the gross NPA ratio at 6.15 per cent was down 138bps YoY and 79 bps QoQ, the bank said in a regulatory filing.