SBI Q2 profit surges 52% to Rs 4,574 crore

SBI Q2 profit surges 52% to Rs 4,574 crore

State Bank of India (SBI), the largest lender in India, on November 4 registered a significant 51.9 percent year-on-year growth in standalone profit for the September quarter, driven by lower provisions, higher net interest income and operating income.

Standalone profit increased to Rs 4,574 crore during the quarter, compared to Rs 3,012 crore in the year-ago period, beating analysts' expectations.

Net interest income - the difference between interest earned and interest expended - climbed 14.6 percent year-on-year to Rs 28,181.5 crore in Q2FY21 with credit growth at 6.9 percent YoY and net interest margin at 3.34 percent for the quarter.