SBI profit more than doubles to Rs 16,884 crore in June quarter
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The bank said that reduction in bad loans and improvement in interest income were the main contributors to its better performance. SBI had reported a net profit of Rs 6,068 crore in the April-June quarter of 2022-23.
New Delhi. State Bank of India (SBI) on Friday said its standalone net profit more than doubled to Rs 16,884 crore in the first quarter of the current financial year. The bank said that reduction in bad loans and improvement in interest income were the main contributors to its better performance. SBI had reported a net profit of Rs 6,068 crore in the April-June quarter of 2022-23. According to the information given to the stock market, the total income of the bank increased to Rs 1,08,039 crore in the first quarter of 2023-24, from Rs 74,989 crore in the same period a year ago. The bank earned interest income of Rs 95,975 crore during the quarter under review, as against Rs 72,676 crore in the same period a year ago.
The bank’s gross NPAs (non-performing assets) came down to 2.76 per cent at the end of June 2023 from 3.91 per cent a year ago. Similarly, the net NPAs also came down to 0.71 per cent in June 2023 from one per cent a year ago. SBI’s consolidated net profit more than doubled to Rs 18,537 crore during the period under review, as against Rs 7,325 crore in the same period a year ago. The total income of the bank increased to Rs 1,32,333 crore during this period, from Rs 94,524 crore in the first quarter of the previous financial year. The bank invested Rs 489.67 crore in its non-life insurance venture SBI General Insurance in the June quarter. In addition, an investment of Rs 82.16 crore was made in eight Regional Rural Banks (RRBs).
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