State Bank of India, the nation`s largest lender by property, on Friday posted a document quarterly profit, helped by decrease provisions for unhealthy loans, and introduced its first dividend in 4 years.
Net profit rose 80% to 64.51 billion rupees ($883.09 million) for the three months ended March 31, from 35.81 billion rupees a 12 months earlier, SBI stated in a regulatory submitting.
SBI introduced a dividend of 4 rupees per share, its first payout since May 2017, when it had rewarded shareholders with 2.6 rupees per share.
The lender reportedly obtained a windfall of almost 40 billion rupees as a part of dues owed by bankrupt steelmaker Bhushan Power and Steel.
Provisions for unhealthy loans slid 16.6% to 99.14 billion rupees.
Most Indian banks have reported robust numbers for the ultimate quarter of the final monetary 12 months on a decrease base and as retail lending picked up earlier than the second coronavirus wave. Collections and credit score progress have since been hit and lenders at the moment are on a “wait-and-watch” mode.
SBI shares, which had risen about 40% this 12 months by final shut, pared some positive factors after the outcomes, and have been final up 0.8% as of 0823 GMT.
