Mumbai
State Bank of India (SBI) on Friday announced a substantial 23% year-on-year increase in its consolidated net profit for the second quarter, reaching ₹19,782 crore, up from ₹16,099 crore in the same period last year. This growth highlights SBI’s resilience and profitability under new leadership, as C.S. Setty assumed the role of chairman in August.
On a standalone basis, SBI reported a net profit of ₹18,331 crore, an increase from ₹14,330 crore in the previous year’s corresponding quarter and up from ₹17,035 crore in the last quarter. Total income for the quarter also rose to ₹1.29 lakh crore, compared to ₹1.12 lakh crore a year earlier.
However, total expenditure increased to ₹99,847 crore, up from ₹92,752 crore in the same period last year, reflecting rising costs and investments. Provisions for bad assets also nearly doubled to ₹3,631 crore, up from ₹1,814 crore, with the gross non-performing assets (NPA) ratio marginally improving to 2.13% from 2.21% in June.
Despite the strong profit growth, SBI’s stock traded down by 1.60% at ₹845.50 on the BSE, against a modest 0.14% dip on the broader benchmark, showing mixed investor sentiment amid market conditions.
