NEW DELHI: State Bank of India (SBI) on Saturday said its net profit for first quarter of the current fiscal year 2024-25 (Q1FY25), had posted a net profit of Rs 17,035 crore marking a year-on-year (YoY) growth of 0.89 per cent, whereas it saw a significant net profit of Rs 16,884 crore in the April-June quarter of 2023-24 (Q1FY24).
The total income of the bank witnessed an increase, reaching Rs 1,22,688 crore in the first quarter of this fiscal year.In comparison, the total income during the same period last year stood at Rs 1,08,039 crore, SBI said in a regulatory filing.
The bank’s gross non-performing assets (NPA) as a percentage of total advances, dropped from 2.76 per cent to 2.21 per cent in the first quarter, at June-end last year.
The bank’s net NPAs also showed improvement, declining from 0.71 per cent in the previous year to 0.57 per cent as of June 2024.
The biggest lender bank’s interest income saw a significant rise during the quarter under review, amounting to Rs 1,11,526 crore. This marks an increase from the interest income of Rs 95,975 crore earned in the corresponding quarter of the previous year.
Considering the consolidated financial results, SBI experienced a slight increase in its net profit, reaching Rs 19,325 crore in the current quarter compared to Rs 18,537 crore in the corresponding quarter of the previous fiscal year.
The bank’s total income rise up, reaching Rs 1,52,125 crore in the current period, as opposed to Rs 1,32,333 crore in the same period of the previous financial year, indicating a substantial growth in its financial performance.
In addition to the approval of the financial results, the board also gave the green light to proposals for raising funds up to Rs 25,000 crore during the financial year 2025. The funds can be raised in either rupee or dollar denominations through the issuance of Basel III compliant Additional Tier 1 Bonds and Tier 2 Bonds, which can be offered to investors both domestically and internationally.
The lender stated, that fundraising would be subject to the approval of the central government, wherever required.
(With inputs from agencies)
The total income of the bank witnessed an increase, reaching Rs 1,22,688 crore in the first quarter of this fiscal year.In comparison, the total income during the same period last year stood at Rs 1,08,039 crore, SBI said in a regulatory filing.
The bank’s gross non-performing assets (NPA) as a percentage of total advances, dropped from 2.76 per cent to 2.21 per cent in the first quarter, at June-end last year.
The bank’s net NPAs also showed improvement, declining from 0.71 per cent in the previous year to 0.57 per cent as of June 2024.
The biggest lender bank’s interest income saw a significant rise during the quarter under review, amounting to Rs 1,11,526 crore. This marks an increase from the interest income of Rs 95,975 crore earned in the corresponding quarter of the previous year.
Considering the consolidated financial results, SBI experienced a slight increase in its net profit, reaching Rs 19,325 crore in the current quarter compared to Rs 18,537 crore in the corresponding quarter of the previous fiscal year.
The bank’s total income rise up, reaching Rs 1,52,125 crore in the current period, as opposed to Rs 1,32,333 crore in the same period of the previous financial year, indicating a substantial growth in its financial performance.
In addition to the approval of the financial results, the board also gave the green light to proposals for raising funds up to Rs 25,000 crore during the financial year 2025. The funds can be raised in either rupee or dollar denominations through the issuance of Basel III compliant Additional Tier 1 Bonds and Tier 2 Bonds, which can be offered to investors both domestically and internationally.
The lender stated, that fundraising would be subject to the approval of the central government, wherever required.
(With inputs from agencies)
