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Business News/ Companies / Company Results/  SBI Q2 Results: Net profit rises 8% YoY to 14,330 crore, net interest income grows 12.3%
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SBI Q2 Results: Net profit rises 8% YoY to ₹14,330 crore, net interest income grows 12.3%

SBI Q2 Results: The net interest income (NII) of the State Bank of India jumped 12.3% compared to the same period last year, reaching ₹39,500 crore

SBI Q2 Results: State Bank of India (SBI) reported % year-on-year jump in the net profit as it grew from ₹13,264.5 crore in Q2FY23 to ₹14,330 crorePremium
SBI Q2 Results: State Bank of India (SBI) reported % year-on-year jump in the net profit as it grew from 13,264.5 crore in Q2FY23 to 14,330 crore

SBI Q2 Results: India's largest commercial bank, State Bank of India (SBI) released its July-September quarter results on Saturday. SBI reported an 8% year-on-year jump in the net profit as it grew from 13,264.5 crore in Q2FY23 to 14,330 crore in the quarter under review. The net interest income (NII) of the State Bank of India jumped 12.3% compared to the same period last year, reaching 39,500 crore. Additionally, there was a 21.6% growth in other sources of income, bringing it to 10,790 crore.

SBI Q2 Results Live Updates

The operating profit of the bank declined 8.07% during the quarter to 19,417 crore, while SBI's return on assets (ROA) stood at 1.01% during the quarter, a 3 bps decline. During Q2FY24, the net interest margin (NIM) of the SBI stood at 3.43%, a decline of 12 bps while for H1, the figure increased by 6 bps YoY to 3.45%.

Asset Quality

State Bank of India's Gross Non-Performing Assets (GNPA) witnessed an improvement of 97 bps year-on-year to 2.55% while the Net NPA improved 16 bps to 0.64%. During the quarter ending September 2023, the Provision Coverage Ratio (PCR) stood at 75.45%, down 248 bps YoY. Slippage Ratio for Q2FY24 increased by 13 bps YoY and stood at 0.46% while for H1 it improved by 16 bps YoY and stood at 0.70%.

Credit cost of SBI improved by 6 bps YoY to 0.22% during the period under review. The Capital Adequacy Ratio (CAR) as at the end of Q2FY24 improved by 77 bps YoY and stood at 14.28%.

Balance Sheet

During the quarter ending September 2023, the credit growth of the State Bank of India jumped 12.39% YoY, while the domestic advances grew 13.21% YoY. Good growth in SME Advances (22.75%) and Retail Personal Advances (15.68%) pushed the growth of domestic advances.

The Foreign Offices’ Advances of the bank grew by 8.11% YoY to cross 5 lakh crores.

Also Read: SBI raises 10,000 crore Tier 2 Bonds at coupon rate of 7.81%

SBI's Whole Bank Deposits experienced significant growth, with a year-on-year (YoY) increase of 11.91% with CASA Deposits, a specific category within Whole Bank Deposits, also showed growth, albeit at a slightly lower rate of 4.91% YoY. As of 30 September 2023, the CASA ratio, which represents the proportion of Current Account and Savings Account Deposits to the total deposits, stood at 41.88%.

 

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Devesh Kumar
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Published: 04 Nov 2023, 02:07 PM IST
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