SBI Reports Steady Net Profit with Slight Increase in Q1 Earnings

State Bank of India (SBI) reported a nearly flat standalone net profit of Rs 17,035 crore for Q1 of the FY, compared to Rs 16,884 crore in the same period last year. Total income rose to Rs 1,22,688 crore, and gross NPAs declined to 2.21 per cent.

State Bank of India (SBI) on Saturday reported an almost flat standalone net profit at Rs 17,035 crore for the first quarter of the current financial year.

The country's biggest lender had posted a net profit of Rs 16,884 crore in the April-June quarter of 2023-24.

In a regulatory filing, SBI announced that its total income increased to Rs 1,22,688 crore in the first quarter, against Rs 1,08,039 crore a year ago.

During the quarter, the bank's interest income rose to Rs 1,11,526 crore compared to Rs 95,975 crore in the year-ago period.

The bank's gross non-performing assets (NPA) of the total advances declined to 2.21 per cent in the first quarter from 2.76 per cent at June-end last year.

Similar trends were observed in the net NPAs, which eased to 0.57 per cent in June 2024 from 0.71 per cent a year ago.

On a consolidated basis, SBI's net profit saw a marginal increase to Rs 19,325 crore against Rs 18,537 crore in the same quarter of the previous fiscal.

Its total income also 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 bank's board approved proposals to raise funds 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, subject to central government approval.