SBI earned 178 percent net profit in Q1, NII increased by more than 24 percent, NPA also decreased
State Bank of India (SBI) today announced the results for the first quarter of FY24. According to the results, SBI earned 178 percent net profit in the first quarter of this year. The net profit of the bank has increased to Rs 16,884 crore. Apart from this, the bank said that the NPA of SBI has also come down.
India's largest bank State Bank of India (SBI) today released its Q1 FY24 results. According to the results, SBI has got 178 percent profit in the first quarter of the current financial year.
SBI's standalone net profit rose 178 percent to Rs 16,884 crore in the June quarter. Which was Rs 6,068 crore in the April-June quarter of 2022-23. SBI said that SBI's profit has increased due to a reduction in bad loans and an improvement in interest income.
Net Interest Income (NII) grew by 24.7 percent year-on-year to Rs 38,904 crore. According to regulatory filings, the bank's total income rose to Rs 1,08,039 crore in the first quarter of 2023-24 from Rs 74,989 crore in the year-ago period.
The bank earned interest income of Rs 95,975 crore during the quarter, as against Rs 72,676 crore in the same period a year ago.
The bank's gross non-performing assets (NPAs) fell to 2.76 percent at the end of June from 3.91 percent a year ago. Net NPAs also came down to 0.71 percent in June 2023 from 1 percent a year ago.
Talking about the consolidated net profit, SBI's consolidated net profit also grew more than two times to Rs 18,537 crore as against Rs 7,325 crore in the year-ago period. Total income rose to Rs 1,32,333 crore in the quarter under review, from Rs 94,524 crore in the first quarter of the previous fiscal.
During the quarter, the bank infused Rs 489.67 crore in its non-life insurance venture SBI General Insurance, besides investing Rs 82.16 crore in eight regional rural banks (RRBs).
SBI's share price fell over 3 percent at the time of writing this news after the announcement of Q1 results today. SBI shares fell 3.14 percent on the BSE and the bank's scrip touched an intraday low of Rs 572.05.
