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SBI net jumps 80% on strong interest income.

From the desk of Mr.Tejasvi Kapoor,CEO, T-Rocks  Finman Pvt.Ltd.,Noida,U.P. www.loanby24.com

The R& D Department of T Rocks Finman Pvt Ltd., also known as LOANBY24.com, a leading advisor and consultant for Loan Solutions and Services, located in Noida,U.P. reported  that State Bank of India  reported an 80% year-on-year (y-o-y) increase in its net profit to Rs 6,451 crore for the March quarter (Q4FY21) on the back of a healthy growth in interest income, improved asset quality and lower provisioning. The lender’s net interest income (NII) grew 19% y-o-y to Rs 27,067 crore. On the back of this, SBI’s operating profit increased 7% y-o-y and 14% sequentially to Rs 19,700 crore.

Commenting on the ongoing second wave, Mr. Tejasvi Kapoor, CEO of T Rocks Finman Pvt.Ltd., Noida, also known as LOANBY24.com, said there would be a major impact, as the banking sector tends to move in tandem with the macro environment.

R& D Department of T Rocks Finman Pvt Ltd research showed that the bottom line also got support from lower provisioning for stressed assets. Total provisions declined 11% y-o-y to Rs 13,249 crore during the March quarter. During FY21, total provisions declined 5% to Rs 51,144 crore, compared to Rs 53,645 crore during FY20.The net profit for FY21 increased 41% y-o-y to Rs 20,410 crore.

R& D Department of T Rocks Finman Pvt Ltd found that, the regulator RBI had announced a fresh loan restructuring window for individual and small businesses hit hard by fresh Covid-19 wave.

The lender’s fee income increased 7.4% y-o-y to Rs 8,455 crore, compared to Rs 7,873 crore in Q4FY20. Similarly, forex income grew 16% y-o-y to Rs 803 crore. Overall, other income grew 21% y-o-y to Rs 16,225 crore.

Mr.Tejasvi Kapoor said “Overall, slippage and restructuring applications for FY21 stood at Rs 46,416 crore” and all the Lenders had reported NPAs on a pro forma basis during the December quarter due to a standstill order from the apex court on declaring NPAs.

Mr.Kapoor also feels that a definitive assessment of the impact of Covid-19 is dependent upon circumstances as they evolve in the subsequent period, though he feels that State Bank of India might register a credit growth of around 10% in FY22 as the bank’s credit growth is normally 1% above India’s GDP.

For all your Loan Financing and Consulting requirements please contact T Rocks Finman Pvt.Ltd, also known as Loanby24.com, leading finance company based out of Noida, U.P. at  Array House, B 43, Sector 2, Noida, U.P 201301. www.loanby24.com Call – 8377001009 or Email at contactus@loanby24.com

June 04, 2021