Quarter income News

SBI first quarter growth was aided by decline in bad loan and sale of minority stake in its subsidiary SBI Life Insurance. The bank had reported a net profit of Rs 2,312.02 crore in the April-June quarter of 2019-20. The June quarter profit reflects Rs 1,539.73 crore earned out of sale of 2.1 per cent stake in SBI Life Insurance Company.

The new business premium income fell by 32.6 percent to Rs 1,499 crore. The challenges brought about by the pandemic had an impact on new business premium during the quarter. The company's value of new business (VNB) fell by 35 per cent to Rs 201 crore in the April-June quarter of 2020-21 from Rs 309 crore in the year ago period.

Net income attributable to shareholders fell to $3.40 billion, or 61 cents per share, in the quarter, from $3.88 billion, or 68 cents per share, a year earlier.