SBI Q2 consolidated revenue surges 69% to Rs 8,890 crore

The nation’s largest lender State Bank of India (SBI) on Wednesday reported a 69 per cent bounce in its consolidated internet revenue at Rs 8.889.84 crore for the second quarter ended September 30 on account of decline in unhealthy loans.
The financial institution’s internet revenue was Rs 5,245.88 crore within the July-September quarter of earlier fiscal, SBI mentioned in a regulatory submitting.
The complete revenue of the SBI group rose to Rs 1,01,143.26 crore within the quarter below evaluation, in comparison with Rs 95,373.50 crore within the year-ago interval.
On a standalone foundation, the financial institution’s internet revenue rose 67 per cent to Rs 6504 crore as in opposition to Rs 4,574.16 crore.
The lender’s complete revenue elevated to Rs 77,689.09 crore from Rs 75,341.80 crore within the July-September quarter of final fiscal.
The asset high quality of the financial institution improved with the gross non-performing property (NPAs) declining to 4.90 per cent of the gross advances as on September 30, 2020, from 5.28 per cent a 12 months in the past.
Net NPAs or unhealthy loans too declined to 1.52 per cent of the advances from 1.59 per cent within the year-ago interval.