Public sector lender State Bank of India (SBI) on Friday reported a standalone net profit of Rs.18,331.44 crore for the quarter ended September 30, 2024 (Q2FY25), which was up by 27.92% over Rs.14,330.02 crore reported by the company in the year-ago period (Q2FY24). Net interest income (NII) for the quarter ended September, increased by 5.37% year-over-year to reach Rs.41,620 crore, up from Rs.39,500 crore during the corresponding period last year.
The operating profit surged by 51% year-on-year to Rs.29,294 crore in the period from July to September 2024, rising from Rs.19,417 crore during the same period last year.
The company announced in an exchange filing that the domestic net interest margin for the September quarter fell by 16 basis points to 3.27%, down from 3.43% a year earlier.
The gross advances in the second quarter increased by 15% year-on-year to reach Rs.39.2 lakh crore, whereas the growth in deposits was significantly lower at 9% year-on-year, amounting to Rs.51.17 lakh crore.
The asset quality of SBI showed improvement on a sequential basis. In absolute terms, Gross NPA was recorded at Rs.83,369 crore, down from ₹84,226 crore in June, while Net NPA decreased to Rs.20,294 crore from Rs.21,555 crore during the June quarter. For the September quarter, Gross NPA was at 2.13%, a decline from 2.21% in June, while Net NPA was at 0.53%, compared to 0.57% in the previous quarters.
Gross slippages for the quarter fell to Rs.4,951 crore, down from Rs.8,707 crore in the June quarter. Recoveries and upgrades also saw a sequential decline, decreasing to Rs.2,600 crore from Rs.3,666 crore in June.
The Capital Adequacy Ratio (CAR) was recorded at 13.76% at the conclusion of the second quarter, accompanied by a CET-1 ratio of 9.95% and a tier-1 ratio of 11.32%.
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