SBI earns Rs 17,000 crore profit in first quarter; interest income rises, NPA also falls
In the June quarter, SBI's gross NPA fell to 2.21% of total loans. It was 2.76% a year ago. Similarly, net NPA has also come down to 0.57% from 0.71% in April-June 2023. The bank's board has also approved raising Rs 25,000 crore through bonds in the current financial year.
Net profit rose to Rs 17,035 crore for public sector bank SBI during the first quarter of the current financial year—that is, April to June 2024. Compared to the same period last year, it has seen a slight jump.
Total income of SBI rose to Rs 1,22,688 crore in the last quarter from Rs 1,08,039 crore in April-June of 2023. Total interest income was Rs 1,11,526 crore in this period. This was Rs 95,975 crore in this period a year ago.
Now, the gross non-performing assets of this bank have declined to 2.21% of total loans in the June quarter against 2.76% a year ago. Similarly, net NPA has also come down to 0.57% from 0.71% in April-June 2023. The board of the bank has also approved raising Rs 25,000 crore through bonds in the current financial year.
Another public sector lender, Bank of India, on Saturday said its net profit rose 10% to Rs 1,703 crore during the April-June 2024 quarter. The bank had a net profit of Rs 1,551 crore during April-June 2023. The bank said that net interest income rose 6.1% to Rs 6,275.8 crore in the last quarter. Net interest income was Rs 5,914 crore in the same quarter last year.
The bank said that during the last quarter, its total deposits grew by 9.74 percent to Rs 7.38 lakh crore. Similarly, the total loan grew by 15.82 percent to Rs 5.86 lakh crore. During this period, loan disbursal to the agriculture sector has increased by a robust 22.2 percent to Rs 88,977 crore. At the same time, loan disbursal to MSMEs has increased by 13.1 percent.
