State Bank of India (SBI) announced a nearly unchanged standalone net profit of ₹17,035 crore for the first quarter of the current fiscal year. This figure is slightly up from ₹16,884 crore reported during the same period in the previous fiscal year.
The bank's total income for the quarter grew to ₹1,22,688 crore, compared to ₹1,08,039 crore in the April-June quarter of the prior year. Interest income also saw an increase, reaching ₹1,11,526 crore versus ₹95,975 crore in the corresponding period of the previous year.
SBI's gross non-performing assets (NPAs) as a percentage of total advances decreased to 2.21% in the first quarter, down from 2.76% at the end of June last year. Similarly, the net NPAs improved to 0.57% in June 2024 from 0.71% a year earlier.
On a consolidated basis, SBI's net profit saw a slight increase to ₹19,325 crore, up from ₹18,537 crore in the same quarter of the last fiscal year. Total consolidated income also rose to ₹1,52,125 crore, up from ₹1,32,333 crore in the corresponding quarter of the previous fiscal year.
In addition to reporting these results, SBI's board approved plans to raise funds through the issuance of Basel III compliant Additional Tier 1 Bonds and Tier 2 Bonds, amounting to up to ₹25,000 crore. This fundraising will be available to both domestic and international investors in FY25, pending necessary approvals from the central government.
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