Mumbai, Nov 08: State Bank of India (SBI) reported a robust 23% year-on-year increase in its consolidated net profit, which reached ₹19,782 crore for the quarter ending September 30, 2024. This compares to ₹16,099 crore in the same quarter last year.
On a standalone basis, the bank's net profit stood at ₹18,331 crore, up from ₹14,330 crore in the corresponding period of 2023, and also higher than ₹17,035 crore in the previous quarter.
Net Interest Income (NII) for the September quarter rose by 5.37% year-on-year, reaching ₹41,620 crore, compared to ₹39,500 crore in the same quarter last year.
SBI’s operating profit saw a significant 51% growth, rising to ₹29,294 crore from ₹19,417 crore in the year-ago period.
The bank's total income for the quarter reached ₹1.29 lakh crore, up from ₹1.12 lakh crore in the same period last year, reflecting solid business growth. Total expenditure for the quarter was ₹99,847 crore, compared to ₹92,752 crore in the corresponding quarter of 2023.
Provisions for bad loans nearly doubled to ₹3,631 crore, compared to ₹1,814 crore in the previous year. As of September 30, 2024, the bank's gross non-performing assets (NPA) ratio stood at 2.13%, improving slightly from 2.21% at the end of June.
Additionally, gross slippages for the quarter declined to ₹4,951 crore, down from ₹8,707 crore in the June quarter, indicating improved asset quality.
The bank also underwent a leadership transition during the quarter, with C. S. Setty taking over as the new Chairman in August 2024.
