The country's largest lender by assets - State Bank of India - on Friday reported 81 per cent annual increase in net profit to Rs 4,189.4 crore in quarter ended June 30. The bank had reported net profit of Rs 2,312.20 crore in the same quarter last year. A gain of Rs 1,540 crore from selling a stake in unit SBI Life Insurance helped push SBI's net profit.
SBI's net interest income or the difference between interest earned and interest expended rose 16 per cent to Rs 26,641.56 crore as against Rs 22,938.79 crore during the same quarter last year.
-
Indian Markets Turning Corner After Two Tough Years, Says Sandeep Tandon -
NDTV Profit Ignite 2026: Experts See Opportunity In Equities, Stay Bullish For Long-Term -
Buy Right, Sit Tight Does Not Work for Individual Stocks, Says Dinshaw Irani -
'Worst Is Behind': Quant MF Sees Market Bottom, Flags 'Extreme Euphoria' In Midcaps -
India's Mutual Fund Industry Could Become A $1 Trillion Opportunity, Say Fund Managers -
'Foreign Investors Are Baraatis': Raamdeo Agrawal's Take On LTCG Tax -
Stay Invested Through Market Cycles: Raamdeo Agrawal at NDTV Profit Ignite -
Ramesh Damani Remains Bullish On India For Next 20-30 Years, Sees Bargains Amid Market Weakness -
CAS Came After A Long Consultation Process: SEBI Chairman Tuhin Kanta Pandey AT NDTV PROFIT IGNITE -
Aim To Cut FPI Onboarding Time From Mth To Five Days: SEBI Chairman Tuhin Kanta Pandey AT NDTV PROFI
The bank's asset quality improved in June quarter as its gross non-performing loans came in at Rs 1,29,660.69 crore as against Rs 1,49,091.85 crore in the previous quarter. As a percentage of total advances - Gross NPA came in at 5.44 per cent versus 6.15 per cent in March quarter.
Also Read | Layoffs Are Rising In Tech, But These Skills Are Helping People Unlock Better Pay
Its Net NPA came in at 1.86 per cent versus 2.23 per cent in the previous quarter.
SBI's provisions for bad loans dropped during the quarter as bank provided Rs 9,420.46 crore in June quarter as against provisioning of Rs 11,894 crore in the previous quarter.
State Bank of India shares rose as much as 4.2 per cent to Rs 194.40 after the earnings announcement.
Essential Business Intelligence, Sharp Market Insights, Practical Personal Finance Advice, Daily Fuel, Gold and Silver Prices and Latest Stories — On NDTV Profit.
