SBI beats the Street with 8% jump in Q2 net profit at Rs 14,330 cr

SBI had recorded a net profit of Rs 13,265 crore in the year-ago period.

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State Bank of India (SBI) reported a net profit of Rs 14,330 crore for the July-September FY24 quarter, marking a 8-percent jump from Rs 13,265 crore clocked a year ago.

The country’s largest lender on November 4 beat the market estimates of Rs 14,221 crore net profit the quarter.

Shares of SBI closed November 3 trading at Rs 578.15 apiece on the BSE, unchanged from previous close.

The net interest income (NII) stood at Rs 39,500 crore, which increased by 12.3 percent as compared to Rs 31,184 crore reported in the corresponding quarter of the previous fiscal.

The bank's gross non-performing asset (NPA) stood at 2.55 percent, down from 3.52 percent recorded in the same quarter last year. On the other hand, net NPA for the quarter stood at 0.64 percent, improving from 0.80 percent on a year-on-year basis.

Operating Profit for Q2FY24 is at Rs 19,417 crores and has declined by 8.07 percent YoY. However, Provision Coverage Ratio (PCR) at 75.45 percent declined by 248 bps YoY.

SBI's 61 percent of SB accounts and 39 percent of retail asset accounts are acquired digitally through YONO.

Moreover, the Capital Adequacy Ratio (CAR) as at the end of Q2FY24 improved by 77 bps YoY and stands at 14.28 percent.