SBI Q1 Results: Profit jumps 178% to Rs 16,884 crore, NII climbs 25% | Business News
State Bank of India (SBI) on Friday reported a 178.24 per cent year-on-year (YoY) rise in net profit for the April-June quarter at Rs 16,884 crore, India’s largest lender said in a filing with stock exchanges.
The bank had posted a net profit of Rs 6,068 crore in the same quarter a year ago.
SBI’s consolidated profit surged over two-fold to Rs 18,537 crore in the period under review, as against Rs 7,325 crore a year ago, the bank said.
The lender’s net interest income (NII) in the June quarter climbed 24.7 per cent YoY to Rs 38,905 crore, from Rs 31,195.9 crore in Q1FY23.
SBI’s gross NPA (gNPA) declined to 2.76 per cent from 2.78 per ent quarter-on-quarter (QoQ) and 3.9 per cent YoY.
The lender’s domestic NIM (net interest margin) for the period under review jumped by 24 bps YoY to 3.47 per cent. SBI’s NIM was 3.23 per cent in Q1FY23 and 3.84 per cent in the quarter-ended March.