Public sector lender State Bank of India (SBI) on Saturday reported a net profit of Rs 17,035 crore for the quarter ended June 30, 2024, up 0.9% from Rs 16,884.29 crore reported by the company in the year-ago period. is more. was excessive.
This was higher than the Street’s estimate of Rs 16,786 crore.
Interest earned during the reported quarter was Rs 1,11,526 crore, which was 16% higher than Rs 95,975 crore reported by the lender in the corresponding quarter of the previous financial year.
Interest spent by the bank in the April-June quarter stood at Rs 70,401 crore as against Rs 57,041 crore. This means a 23% increase year-on-year.
Net interest income (NII) in Q1FY25 stood at Rs 41,125 crore, up 5.71% from Rs 38,905 crore in Q1FY24.
Net interest margin for its entire operations stood at 3.22% in Q1FY24, down 11 bps from 3.33% in the year-ago period. As far as domestic operations are concerned, NIM in Q1FY25 was recorded at 3.35%, which was 12 bps lower than 3.47% in Q1FY24.
The state lender’s operating profit in the reported quarter stood at Rs 26,449 crore, up 4.55% on a year-on-year basis.
SBI’s gross advances in the said quarter increased by 15.39% to Rs 38,12,087 crore in Q1FY25, compared to Rs 33,03,731 crore in Q1FY24. Total deposits rose 8.18% to Rs 49,01,726 crore on a year-on-year basis from Rs 45,31,237 crore in the year-ago period.
Credit costs for the state lender rose 16 bps to 0.48% from 0.32% in the corresponding quarter last fiscal. The bank managed to reduce its net non-performing assets (NNPA) by 14 bps to 0.57% in the reported quarter from 0.71% in the year-ago period.
