SBI Q1 profit jumps over two-fold to Rs 16,884 crore

The country's biggest bank SBI on Friday posted over two-fold jump in standalone net profit at Rs 16,884 crore for the first quarter of the current financial year, helped by decline in bad loans and improvement in interest income.

State Bank of India (SBI) had reported a net profit of Rs 6,068 crore in the April-June quarter of 2022-23.

The bank's total income increased to Rs 1,08,039 crore in the first quarter of 2023-24, as against Rs 74,989 crore in the same period a year ago, as per the regulatory filing.

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During the quarter, the bank earned interest income of Rs 95,975 crore, as against Rs 72,676 crore in the same period a year ago.

The bank's gross non-performing assets (NPA) of the total advances fell to 2.76 per cent at June-end from 3.91 per cent a year ago.

Similarly, net NPAs also eased to 0.71 per cent in June 2023, as against 1 per cent a year ago.

On a consolidated basis, SBI's net profit also rose over two-fold to Rs 18,537 crore, as against Rs 7,325 crore in the same quarter a year ago.

The total income increased to Rs 1,32,333 crore in the quarter under review, as compared to 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, it said, adding Rs 82.16 crore was infused in eight Regional Rural Banks (RRBs).