NEW DELHI: The country’s biggest lender State Bank of India (SBI) on Wednesday reported its highest ever quarterly profit for the July September period.
SBI posted a 66.73 per cent jump in its standalone net profit at Rs 7,627 crore, up from Rs 4,574 crore posted in the same period last year.
The bank’s provisions for bad loans fell by 52 per cent to Rs 2,699 crore, while its gross bad loan ratio slipped to 4.9 per cent. The ratio was 5.32 per cent in last quarter.
During the quarter, the bank utilised Rs 2,884 crore towards making specific provisions against stressed assets.
The bank also provided Rs 7,418 crore for revision in family pension payable to employees — covered under the 11th bi-partite settlement — even as regulator granted dispensation to absorb in 5 years.