The State Bank of India (SBI), a public sector lender, announced on Saturday a standalone net profit of Rs 17,035 crore for the quarter that concluded on June 30, 2024. This represents an increase of 0.9 per cent over the Rs 16,884.29 crore that the company reported during the same period last year.
When compared to the Rs 95,975 crore the lender reported in the same quarter of the previous financial year, the interest earned during the reported quarter was Rs 1,11,526 crore, a 16 per cent increase.
The bank spent Rs 70,401 crore on interest during the April–June quarter as opposed to Rs 57,041 crore. This corresponds to a 23 per cent YoY increase.
NII and NIM (Net interest income and margin)
Net interest income (NII) increased by 5.71 per cent to Rs 41,125 crore in Q1 FY25 from Rs 38,905 crore in Q1 FY24. Its total operations' net interest margin in Q1 FY24 was 3.22 per cent, down 11 basis points from 3.33 per cent in the same period last year.
Regarding the domestic operations, Q1 FY25 NIMs were reported at 3.35 per cent, a decrease of 12 basis points from Q1 FY24's 3.47 per cent. The state lender's operating profit for the quarter under review was Rs 26,449 crore, representing a YoY increase of 4.55 per cent.
Deposits and Advances Q1 FY25
SBI's gross advances for the quarter increased from Rs 33,03,731 crore in Q1 FY24 to Rs 38,12,087 crore in Q1 FY25, a 15.39 per cent increase.
The total amount of deposits increased by 8.18 per cent year over year to Rs 49,01,726 crore from Rs 45,31,237 crore in the same period last year.
Gross and net NPA (non-performing assets)
The bank was able to reduce its net non-performing assets (NNPAs) from 0.71 per cent in the corresponding quarter of previous fiscal year to 0.57 per cent in the reported quarter, a decrease of 14 basis points.
From 2.76 percent at June's end of last year to 2.21 per cent in the first quarter of the current financial year, the bank's gross non-performing assets (NPA) as a percentage of total advances decreased.
