State Bank of India (SBI) on Friday posted an 81% year-on-year (YoY) growth in net profit to Rs 6,451 crore for the quarter ended March, as per an exchange filing.
The public sector lender's net profit jumped on higher interest income and lower provisions. It is up from Rs 3,581 crore in year-earlier quarter.
The bank's central board has also announced a dividend of Rs 4 per equity share for the financial year ended March 31, 2021. The dividend payment date is fixed on June 18, 2021, SBI said.
The bank's net interest income jumped 19% over the year earlier to Rs 27,067 crore as against a projection of Rs 28,853 crore. SBI's other income too increased 21.6% to Rs 16,225 crore.
Its asset quality improved in the reported period, with its gross non-performing asset ratio at 4.98% as on March 31, 2021, as against 5.44% as of December. The bank's NPA ratio, too, increased 31 basis points successively to 1.5%.
The public sector lender's total bad loan provisions plunged to Rs 9,914 crore, down 16.6% YoY. SBI's shares were trading 1.3% higher after its results were announced, as against a 1.28% gain in the benchmark Nifty 50.