SBI Reports 23% YoY Jump in Q2 Net Profit to ₹19,782 Crore
Mumbai: State Bank of India (SBI) on Friday announced a 23% year-on-year increase in its consolidated net profit for the second quarter of FY24, totaling ₹19,782 crore, up from ₹16,099 crore in the same period last year.
On a standalone basis, the country’s largest lender reported a net profit of ₹18,331 crore for the quarter ended September 30, 2024, compared to ₹14,330 crore in Q2 FY23 and ₹17,035 crore in the previous quarter.
The bank’s total income for the quarter rose to ₹1.29 lakh crore, up from ₹1.12 lakh crore in the corresponding quarter of the previous fiscal year. Total expenditure for the quarter also saw an increase, rising to ₹99,847 crore from ₹92,752 crore in the previous year.
SBI’s provisions for bad assets nearly doubled to ₹3,631 crore, compared to ₹1,814 crore in the same quarter last year, reflecting the bank’s cautious approach to asset quality amid challenging economic conditions. The bank’s gross non-performing assets (NPAs) ratio stood at 2.13% as of September 30, 2024, slightly down from 2.21% in June 2024.
The results come during a period of leadership transition at SBI, with C. S. Setty taking over as the chairman in August 2024. Despite a minor dip in SBI’s share price on the BSE—down by 1.60% to ₹845.50 a share—investors remain focused on the bank’s strong fundamentals and profit growth.
SBI’s positive financial performance highlights its resilience and strategic focus on maintaining asset quality while expanding its income base. The bank remains optimistic about sustaining growth in the coming quarters as it continues to navigate the evolving economic landscape.
