The State Bank of India (SBI), the country’s largest lender, recently announced its financial results for the second quarter (Q2), showcasing a robust performance despite challenging economic conditions. Here’s a breakdown of SBI’s key financial highlights for the quarter:
Consolidated Net Profit Growth
SBI reported a notable 9.13% increase in its consolidated net profit for Q2, reaching Rs 16,099.58 crore. This growth demonstrates the bank’s resilience and ability to navigate through market fluctuations effectively.
Standalone Net Profit
On a standalone basis, SBI posted a net profit of Rs 14,330.02 crore for the quarter, marking a significant rise from Rs 13,264.52 crore in the corresponding period last year. This uptick in standalone net profit indicates the bank’s strong operational performance.
Total Income
The bank’s total income for the quarter crossed the Rs 1.12 lakh crore mark, reflecting a substantial increase from Rs 88,733 crore recorded in the same period last year. This growth in total income underscores SBI’s diverse revenue streams and strategic financial management.
Asset Quality Improvement
SBI showed improvement in its asset quality, with the gross non-performing assets (NPA) ratio standing at 2.55% as of September 30. This is a positive trend compared to the 3.52% ratio in the year-ago period and the 2.76% ratio in the previous quarter, highlighting the bank’s efforts in managing asset quality effectively.
Capital Adequacy
Maintaining a robust capital position, SBI reported an overall capital adequacy ratio of 14.28% as of September 30. This indicates the bank’s strong capital base and ability to meet regulatory requirements while supporting growth initiatives.
In conclusion, SBI’s Q2 performance reflects its resilience, sound financial management, and proactive measures to address challenges. The bank’s steady growth trajectory and improved asset quality position it well for future opportunities and continued value creation for stakeholders.
