SBI Q2 profit surges six-fold to Rs 3,375 crore

NEW DELHI: The country’s largest lender SBI on Friday reported a nearly six-fold jump in its consolidated net profit to Rs 3,375.40 crore for the second quarter ended September 30.nnThe bank’s net profit was Rs 576.46 crore in the July-September quarter of previous fiscal.nnIts total income of the entire SBI group rose to Rs 89,347.91 crore in the quarter under review, compared to Rs 79,302.72 crore in the year-ago period, State Bank of India (SBI) said in a regulatory filing.nnThe asset quality of the bank improved with the gross non-performing assets (NPA) declining to 7.19 per cent of the gross advances as on September 30, 2019, from 9.95 per cent a year ago.nnNet NPAs or bad loans too declined to 2.79 per cent of the advances from 4.84 per cent in the year-ago period.nnOn a standalone basis, the bank’s net profit alone rose nearly three-fold to Rs 3,011.73 crore as against Rs 944.87 crore.nnThe lender’s income was Rs 72,850.78 crore in the July-September quarter, up from Rs 66,607.98 crore.nnShares of the bank rallied 7.06 per cent to Rs 281.25 per unit during afternoon trade on the BSE.nnSource: Press Trust of India