Chennai, NFAPost: State Bank of India (SBI) has reported a more than four-fold jump in net profit at Rs 3,581 crore in the fourth quarter of the last fiinancial year compared to Rs 838 crore in the corresponding quarter of the last fiscal.

In a regulatory filing, the largest lender said for the full year FY20, the bank’s net profit stood at Rs 14,488 crore against net profit of Rs 862 crore in FY19.

The bank’s net interest income for the fourth quarter fell 0.81% YoY to Rs 22,767 crore from Rs 22,954 crore. Its operating profit increased to Rs 68,133 crore in FY20 from Rs 55,436 crore in FY19, an increase of 22.9%.

The bank’s total deposits grew at 11.34%YoY, out of which Current Account Deposit grew by 7.56% YoY, while Saving Bank Deposits grew by 9.99% YoY.

SBI’s home loan alone constitutes 22% of bank’s domestic advances, and it has grown by 13.86% YoY. While Net NPA ratio stood at 2.23%, Gross NPA ratio was at 6.15%, down 138 bps YoY and 79 bps QoQ. Also, provision coverage ratio has improved to 83.62% up 489 bps YoY and 189 bps QoQ.

The spread of COVID-19 across the globe has resulted in decline in economic activity and increase in volatility in financial markets. In this situation, though the challenges continue to unfold, the bank is gearing itself on all fronts to meet the same, the bank said in a regulatory filing.

On Friday, the company’s shares closed at Rs 187.80, up 7.90% from the previous close.

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