State Bank of India (SBI) has presented excellent quarterly results. The net profit of the bank for the April-June quarter of the current financial year was Rs 17,035 crores. In the same quarter of the last financial year, the net profit of the bank was Rs 16,884 crores. In a information given to the stock market on Saturday, SBI said that its total income has increased to Rs 1,22,688 crores in the June quarter, which was Rs 1,08,039 crores in the same quarter of the last financial year. The bank’s interest income in the quarter under review has increased to Rs 1,11,526 crores, which was Rs 95,975 crores in the same quarter of the last financial year.
The bank’s NPA also declined
The bank’s gross non-performing assets (NPAs) declined to 2.21 per cent of total advances in the first quarter from 2.76 per cent at the end of June last year. Similarly, its net NPA also declined to 0.57 per cent in June, 2024 from 0.71 per cent a year ago. SBI’s net profit rose marginally on a consolidated basis to Rs 19,325 crore in the June quarter from Rs 18,537 crore in the same quarter of the previous fiscal.
A jump in total income
At the same time, its total income increased to Rs 1,52,125 crore in the June quarter from Rs 1,32,333 crore in the same period of the previous financial year. The board also approved proposals to raise funds in rupees or dollars by issuing Basel-3 compliant additional tier-1 bonds and tier-2 bonds up to Rs 25,000 crore to domestic and/or foreign investors during the current financial year (2024-25). The bank said that the process of raising funds will be subject to the approval of the central government wherever necessary.
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