State Bank of India (SBI) on August 3 reported an almost flat standalone net profit at ₹17,035 crore for the first quarter of the current financial year.
The country’s biggest lender had posted a net profit of ₹16,884 crore in the April-June quarter of 2023-24.
“The bank’s total income increased to ₹1,22,688 crore in the first quarter against ₹1,08,039 crore a year ago,” SBI said in a regulatory filing.
During the quarter, the bank earned an interest income of ₹1,11,526 crore compared to ₹95,975 crore in the year-ago period.
The bank’s gross non-performing assets (NPA) of the total advances declined to 2.21% in the first quarter from 2.76% at June-end last year.
Similarly, its net NPAs also eased to 0.57% in June 2024 from 0.71 % a year ago. On a consolidated basis, SBI’s net profit rose marginally to ₹19,325 crore against ₹18,537 crore in the same quarter of the previous fiscal.
At the same time, its total income increased to ₹1,52,125 crore compared to ₹1,32,333 crore in the corresponding period of the preceding financial year.
Besides approving the results, the board also cleared proposals for raising funds in Rupee or dollar by issuing Basel III compliant additional Tier 1 bonds and Tier 2 bonds of up to ₹25,000 crore to domestic and/or overseas investors during FY25.
“The fundraising would be subject to the approval of the Central government, wherever required,” the lender said.