Net profit zoomed up to 83% YoY with Rs 16,695 crores, beating the estimates


Net profit zoomed up to 83% YoY with Rs 16,695 crores, beating the estimates


State Bank of India (SBI) has seen an 83% increase in net profit for the quarter ended March as it reported standalone net profits of INR16,695 crore ($2.3bn), buoyed by a recovery in demand for loans towards the end of the period. The bank also announced a final dividend of INR11.30 per share for the fiscal year. SBI's deposits rose 13.5%, while advances increased 5.7% from a year earlier. State Bank of India (SBI) has reported its highest quarterly net profit in over six years, with a 134% increase in Q4 profit, year-on-year, to INR 8,186.51 crore ($1.2bn) due to a drop in bad loan provisions and an increase in interest income. The bank has been aggressively pushing retail lending and increasing the pace of resolution of stressed assets as part of a turnaround strategy. Net Interest Income (NII) for Q4 rose by 29% to INR 40,393 ($6.1bn) crore, compared to the same period last year.

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