The country’s largest lender SBI announced a net profit of Rs 5,191 crore for the quarter ended December 2020, a drop of 7% from Rs 5,583 crore in the last year, which was managed by a one-time recovery of Rs 11,000 crore from Essar Steel. The bank’s net profit was up around 14% from Rs 4,754 crore in Q2FY21.
SBI’s stock jumped by 6% after the bank’s chairman Dinesh Khara said that loan slippage (into default category) could be lower than the Rs 60,000 crore projected earlier and that the lender was expected to hit double-digit credit growth as early as Q2FY22.
