State Bank of India logs 4-fold jump in net profit in 4th quarter
- 07 Jun 2020
State Bank of India (SBI) reported a four-fold jump in its net profit for the January-March quarter of financial year 2019-20 at Rs3,581 crore. The net profit for the quarter rose by 327 per cent from Rs838 crore net profit reported during the corresponding quarter of financial year (FY) 2018-19.
The state-run lender reported a surge in profits largely on the back of a one-time gain of Rs2,731 crore, from a stake sale in its credit card unit, SBI Cards.
Net NPA ratio of the bank was 2.23 per cent, down 78 bps YoY and 42 bps QoQ and the gross NPA ratio at 6.15 per cent was down 138bps YoY and 79 bps QoQ, the bank said in a regulatory filing.
Meanwhile the Public sector banks (PSB) in India have so far sanctioned Rs17,705.64 crore worth of loans under the 100 per cent government guaranteed Emergency Credit Line Guarantee Scheme.
The scheme is part of the Aatmanirbhar Bharat economic package. As per the government, banks would provide collateral-freeloans to the eligible MSMEs loans upto Rs3 lakh crore in total in a bid to overcome the financial crisis caused due to the coronavirus pandemic and the nationwide lockdown.
As of Friday, June 5, out of the sanctioned amount, Rs8,320.24 crore has been disbursed, said a tweet by Finance Minister Nirmala Sitharaman’s office.
“As of 5 June 2020, #PSBs have sanctioned loans worth Rs17,705.64 crore under the 100 per cent Emergency Credit Line Guarantee Scheme, out of which Rs8320.24 crore have been disbursed,” said the tweet.
Data shared in the tweet showed that the State Bank of India (SBI) contributed a major chunk of the amount sanctioned and disbursed so far. SBI, as of Friday sanctioned a total of Rs11,701.06 crore and disbursed Rs6,084.71 crore of loans.
The sanctioned and disbursed amounts under the 100 per cent government guaranteed scheme are the highest in Tamil Nadu so far. A total of Rs2,018.89 crore has been sanctioned so far to 33,725 accounts of MSMEs in the state and Rs1,325.04 crore has been disbursed to 18,867 accounts.
Uttar Pradesh, on the other hand has recorded the highest number of MSMEs to have been sanctioned and disbursed credit under the scheme so far. A total of 43,541 accounts have been sanctioned with Rs1,960.97 crore and 21,728 MSMEs have received loans worth Rs852.05 crore, the data sourced from PSBs showed.
Indo-Asian News Service
