SBI Q1 profit surges 81% to Rs 4,189 crore

New Delhi, July 31

The country’s largest bank SBI on Friday posted 81% jump in standalone net profit to Rs 4,189.34 crore for the first quarter, aided by decline in bad loan and sale of minority stake in its subsidiary SBI Life Insurance.

The June quarter profit reflects Rs 1,539.73 crore earned out of sale of 2.1% stake in SBI Life Insurance Company, the bank said while announcing its first quarter numbers.

Standalone total income increased to Rs 74,457.86 crore in the first quarter of 2020-21, from Rs 70,653.23 crore in the same period a year ago, SBI said in a regulatory filing. — PTI