The State Bank of India (SBI), the largest bank in the country, has reported a net profit of Rs 14,330 crore for the July-September quarter of the current financial year, marking an 8 percent increase compared to the same quarter last year when the bank had a net profit of Rs 13,265 crore.
SBI's net interest income (NII) has also shown a strong increase, rising by 12.3 percent to Rs 39,500 crore, up from Rs 31,184 crore in the same period of the previous financial year.
The bank's asset quality has improved, with gross non-performing assets (NPAs) decreasing to 2.55 percent, down from 3.52 percent in the same quarter last year. The net NPA for the quarter stood at 0.64 percent, showing an improvement from 0.80 percent on a year-on-year basis.
As of the latest available data, SBI's shares closed at Rs 578.15 apiece on the Bombay Stock Exchange (BSE).
(With Agency Inputs)
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