SBI’s net profit almost flat at Rs 17,035 crore in Apr-Jun qtr

On Saturday, State Bank of India (SBI) reported a nearly unchanged standalone net profit of Rs 17,035 crore for the first quarter of the current financial year. This is compared to a net profit of Rs 16,884 crore in the April-June quarter of 2023-24. SBI’s total income increased to Rs 1,22,688 crore in the first quarter, up from Rs 1,08,039 crore a year ago, as stated in a regulatory filing.

The bank’s interest income during the quarter was Rs 1,11,526 crore, compared to Rs 95,975 crore in the year-ago period. Additionally, SBI’s gross non-performing assets (NPA) of the total advances decreased to 2.21 per cent in the first quarter from 2.76 per cent at June-end last year. Similarly, its net NPAs also dropped to 0.57 per cent in June 2024 from 0.71 per cent a year ago.

On a consolidated basis, SBI’s net profit increased marginally to Rs 19,325 crore against Rs 18,537 crore in the same quarter of the previous fiscal. Its total income rose to Rs 1,52,125 crore compared to Rs 1,32,333 crore in the corresponding period of the previous financial year.

Additionally, the board approved proposals for raising funds in rupees or dollars by issuing Basel III compliant Additional Tier 1 Bonds and Tier 2 Bonds of up to Rs 25,000 crore to domestic and/or overseas investors during FY25. The fundraising would be subject to the approval of the central government, if required.