MUMBAI: The finance ministry has said the banks run by it have reported a strong set of numbers with net income surging by 25.6 percent to Rs 85,520 crore in the first half of the fiscal along with rapid improvements in asset quality. Almost 45 percent of this is contributed by SBI alone with Rs 35,366 crore in net income in the reporting period.
Operating profit jumped to Rs 1,50,023 crore, 14.4 percent more than in the same period in the previous fiscal, from which they earned Rs 85,520 crore in net income, which is as much as 25.6 percent more than what they logged in the corresponding period last fiscal, the finance ministry said in a statement Tuesday.
The statement said this was driven by a strong improvement in the asset quality, with the gross NPA ratio coming down by 108 bps to 3.12 as of the September quarter and the net NAP ratio printing in at 0.63, down 34 bps.
The aggregate business of the 12 state-run banks stood at Rs 236.04 trillion, which grew by 11 percent. Of this, global credit and deposit portfolio grew 12.9 percent and 9.5 percent on-year to Rs 102.29 trillion and Rs 133.75 trillion respectively.