BENGALURU: State Bank of India, the nation’s biggest lender by assets, on Friday posted a record quarterly earnings, helped by lower provisions for bad loans, also declared its first investment in four decades.
Net profit rose 80 percent to Rs 6,451 crore ($883.09 million) for the 3 months ended March 31, by Rs 3,581 crore a year before, SBI stated in a regulatory filing.
Analysts had expected a gain of Rs 6,147 crore, based on Refinitiv IBES data.
SBI declared that a dividend of Rs 4 per share, its initial payout because May 2017, as it’d rewarded investors with Rs 2.6 percent share.
The lending company allegedly got a windfall of almost Rs 4,000 crore included in dues owed by insolvent steelmaker Bhushan Power and Steel.
Provisions for bad loans dropped 16.6percent to Rs 9,914 crore.
Many Indian banks have reported solid numbers for the last quarter of the past fiscal year to a lower base as retail financing picked up prior to the next coronavirus wave.
Collections and credit expansion have been struck and creditors are currently on a”wait-and-watch” manner.
SBI stocks, which had climbed about 40 percent this season by last near, settled up to 4.8% on Friday.
