SBI Showed 52pc Profit Growth in 2nd Quarter of FY21

State Bank of India's (SBI) profit after tax for the July-September (second quarter) of 2020-21 increased by 52 per cent, an official statement showed.

The bank clocked profit after tax of Rs 4,574 crore for the quarter ended September 30, 2020 as compared to Rs 3,012 crore reported during the corresponding quarter a year ago, an increase of 51.88 per cent on year-on-year (YoY) basis.

As per SBI, the profit after tax in Q1 FY21 was Rs 4,189 crore.

Further, the net interest income of the bank grew by 14.56 per cent on a YoY basis in the recently concluded quarter.

The statement added that the net non-performing assets (NPA) ratio during the quarter was at 1.59 per cent, down 120 basis points on a YoY and 27 basis points on a quarter-on-quarter (QoQ) basis.

The total deposits have grown at 14.41 per cent on a YoY basis, out of which Current Account deposits grew by 8.55 per cent, while Saving Bank deposits grew by 16.28 per cent, as per the statement.

It also said home loans which constitute 23 per cent of the bank's domestic advances grew by 10.34 per cent on a YoY basis in Q2 FY 21.

Driven by retail (personal) advances (14.55 per cent YoY), agri advances (4.19 per cent YoY)and corporate advances (2.82 percent YoY) the credit growth of the bank stood at 6.02 per cent YoY.

The cost to income ratio too has improved from 53.47 per cent in H1 FY20 to 52.61 per cent in H1FY21, an improvement of 86 basis points, as per the statement.