state Bank of India
SBI Q2 Results: The country’s largest government bank SBI has released the results for the second quarter of the current financial year 2024-25. This government bank said on Friday that its standalone net profit in the September quarter was Rs 18,331.44 crore, a jump of 28 percent. It was Rs 14,330 crore in the same period a year ago. SBI’s profits have increased more than analysts’ estimates. State Bank of India’s interest income has increased by 12.3 percent to Rs 1.14 lakh crore. Demand for loans in SBI also remains strong.
Operating profit increased by 51%
SBI’s operating profit for the period July to September 2024 increased by 51 per cent on year-on-year basis to Rs 29,294 crore. It was Rs 19,417 crore in the same period a year ago. Domestic net interest margin for the September quarter declined by 0.16 per cent to 3.27 per cent, the company said in an exchange filing. A year ago it was 3.43 percent.
Income was Rs 1.29 lakh crore
The total income of the bank increased to Rs 1.29 lakh crore during the period under review, which was Rs 1.12 lakh crore in the same period a year ago. The bank’s total expenses increased to Rs 99,847 crore in the second quarter, from Rs 92,752 crore in the same quarter of the last financial year. The bank’s provision for bad loans almost doubled from Rs 1,814 crore to Rs 3,631 crore. The bank’s gross non-performing assets (NPA) ratio stood at 2.13 percent as on September 30. Whereas in June it was 2.21 percent. It is noteworthy that C.S.Shetty was appointed Chairman of SBI in August.
stock decline
On Friday, SBI shares were seen trading in decline. Shares of State Bank of India were seen trading at Rs 847.15, down 1.41 per cent or Rs 12.10 on the Bombay Stock Exchange on Friday afternoon. The 52 week high of this share is Rs 912.10. Whereas, 52 week low is Rs 555.25. The market cap of the bank was Rs 7,53,907.28 crore on BSE.
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