SBI standalone net profit rises 14 per cent to Rs 23,038 crore
The country's largest lender reported growth in net interest income and improved asset quality during the September quarter.
State Bank of India (SBI) reported a 14 per cent year-on-year rise in its standalone net profit to Rs 23,038 crore for the second quarter, according to the Economic Times. This is an increase from the Rs 20,160 crore recorded in the same quarter last year.
Net interest income (NII) grew by 15 per cent to Rs 49,143 crore during the period. The bank's operating profit also rose 7 per cent year-on-year to Rs 34,226 crore, up from Rs 31,904 crore.
The profitability was supported by a reduction in loan-loss provisions, which declined 33 per cent to Rs 2,759 crore from Rs 4,132 crore a year earlier. Business Standard noted that lower provisioning outgo supported the bottom line despite a decline in other income.
The bank's gross non-performing asset (NPA) ratio improved to 1.39 per cent from 1.73 per cent a year ago. The net NPA ratio fell to 0.36 per cent, down from 0.42 per cent in the previous year.
Total advances grew 18 per cent year-on-year to Rs 52.08 lakh crore as of September 30. Within this, agriculture advances rose 23 per cent, while retail personal advances increased 14 per cent to Rs 18.25 lakh crore.
Total deposits increased 12 per cent to Rs 62.78 lakh crore compared to Rs 55.92 lakh crore a year earlier. The bank's capital adequacy ratio rose to 16.09 per cent from 14.62 per cent a year ago.