SBI reports 8% y-o-y growth in Q2 net profit at Rs 14,330 crore

6 Nov 2023 , 01:49 PM

State Bank of India reported an 8% year-on-year (YoY) increase in net profit for the quarter ended September 2023 to Rs 14,330 crore on Saturday.

Net interest income (NII), which is the difference between interest generated and interest expenditure, increased by more than 12% year-on-year to Rs 39,500 crore. Company’s total income for Q2 increased by 26.40% y-o-y to Rs 1.12 lakh crore.

Provisions and contingencies, net of write backs, fell dramatically in the quarter to Rs 115.28 crore from Rs 3,039 crore the previous year. Provisions for impaired assets fell to Rs 1,815 crore from Rs 2,011 crore the previous year.

The gross non-performing assets ratio was 2.55% at the end of September, compared to 3.52% a year ago and 2.76% a quarter ago.

The net non-performing assets ratio was 0.64% at the end of September, compared to 0.80% a year earlier and 0.71% a quarter ago.

According to Basel-III standards, the capital adequacy ratio was 14.28% at the end of September, up from 13.51% a year ago and 14.56% a quarter ago.

Domestic net interest margin (NIM) fell 12 basis points year on year to 3.43% in the third quarter. However, margins grew by 6 basis points year on year to 3.45% for the six months ending September.

At around 1.45 PM, State Bank of India (SBI) was trading 0.65% lower at Rs 574.40, against the previous close of Rs 578.15 on NSE. 

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