SBI Q2 net profit jumps 23% to ₹19,782 cr
The Hindu
SBI reports 23% jump in net profit to ₹19,782 crore for Q2 2024, with total income rising to ₹1.29 lakh crore.
SBI on Friday (November 8, 2024) reported a 23% on-year jump in consolidated net profit at ₹19,782 crore for the quarter ended September 30, 2024.
The consolidated net profit for the corresponding period last year stood at ₹16,099 crore.
On a standalone basis, the country's largest lender reported a net profit of ₹18,331 crore, as against ₹14,330 crore in the year ago period and ₹17,035 crore in the preceding quarter.
The total income of the bank which has seen a leadership transition with C S Setty taking over as the chairman in August rose to ₹1.29 lakh crore, from ₹1.12 lakh crore in the year-ago period.
The total expenditure moved up to ₹99,847 crore in the quarter under review, from ₹92,752 crore in the year-ago period.
Provisions for bad assets nearly doubled to ₹3,631 crore from ₹1,814 crore, and the gross non-performing assets ratio stood at 2.13% as on September 30, as against 2.21% in June.
Net direct tax collection grew 15.41% to ₹12.11 lakh crore, surpassing the government's budgeted target for the fiscal year.
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