SBI Q2 Results:: State Bank of India reported an 8% year-on-year (YoY) increase in net profit for the quarter ended September 2023 to Rs 14,330 crore, which was lower than the Rs 14,500 crore predicted by ETNow.
Net interest income (NII), which is the difference between interest earned and interest expended, increased by more than 12% year on year to Rs 39,500 crore, exceeding the estimated Rs 38,500 crore.
Total revenue for the quarter increased by 26.4% year on year to Rs 1.12 lakh crore.
Provisions and contingencies, net of write-backs, fell sharply in the quarter to Rs 115.28 crore from Rs 3,039 crore the previous year. Provisions for bad assets fell to Rs 1,815 crore from Rs 2,011 crore the previous year.
SBI Q2 Results: PAT rises 8% year on year to Rs 14,330 crore, but falls short of expectations
The gross non-performing assets ratio was 2.55% at the end of September, compared to 3.52% a year ago and 2.76% a quarter ago.
As of the end of September, the ratio of net non-performing assets was 0.64%, down from 0.80% a year earlier and 0.71% a quarter prior.
As of the end of September, the capital adequacy ratio according to Basel-III standards was 14.28%, down from 13.51% a year and 14.56% a quarter earlier.
