State Bank of India today reported a 55 per cent year-on-year rise in net profit to Rs 6,504 crore, its highest ever, which was also sharply higher than Street’s expectations. The bottomline of the lender was boosted by lower provisioning and higher other income in the quarter. While provisions in the quarter dipped year-on-year, the lender’s asset quality suffered likely due to the onset of the second wave of the Covid-19 pandemic.
