SBI Q1 results: Net profit rises marginally at ₹17,035 crore; gross NPAs decline to 2.21%
The Hindu
SBI reports flat Q1 net profit of ₹17,035 crore, with total income rising to ₹1,22,688 crore. Plans to raise funds.
State Bank of India (SBI) on August 3 reported an almost flat standalone net profit at ₹17,035 crore for the first quarter of the current financial year.
The country's biggest lender had posted a net profit of ₹16,884 crore in the April-June quarter of 2023-24.
“The bank’s total income increased to ₹1,22,688 crore in the first quarter against ₹1,08,039 crore a year ago,” SBI said in a regulatory filing.
During the quarter, the bank earned an interest income of ₹1,11,526 crore compared to ₹95,975 crore in the year-ago period.
The bank's gross non-performing assets (NPA) of the total advances declined to 2.21% in the first quarter from 2.76% at June-end last year.
Similarly, its net NPAs also eased to 0.57% in June 2024 from 0.71 % a year ago. On a consolidated basis, SBI's net profit rose marginally to ₹19,325 crore against ₹18,537 crore in the same quarter of the previous fiscal.
At the same time, its total income increased to ₹1,52,125 crore compared to ₹1,32,333 crore in the corresponding period of the preceding financial year.
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