Public sector lender State Bank of India (SBI) on Saturday reported a standalone net profit of Rs 17,035 crore for the quarter ended June 30, 2024, which was up by 0.9% over Rs 16,884.29 crore reported by the company in the year-ago period.
It was higher than the Street's estimates of Rs 16,786 crore.
Interest expended by the bank in the April-June quarter stood at Rs 70,401 crore versus 57,041 crore in the year-ago period. This translates into a 23% YoY uptick.
The net interest income (NII) in Q1FY25 stood at Rs 41,125 crore, a jump of 5.71% over Rs 38,905 crore in Q1FY24.
The net interest margins for its entire operations were reported at 3.22% in Q1FY24, down by 11 bps from 3.33% in the year-ago period. As for the domestic operations, NIMs were reported at 3.35% in Q1FY25, which was down 12 bps over 3.47% in Q1FY24.
The operating profit for the state lender in the reported quarter was at Rs 26,449 crore, up by 4.55% on a YoY basis.
SBI's gross advances in the said quarter surged by 15.39% to Rs 38,12,087 crore in Q1FY25 versus Rs 33,03,731 crore in Q1FY24. Total deposits grew by 8.18% on a YoY basis to Rs 49,01,726 crore as against Rs 45,31,237 crore in the year ago period.
Credit cost increased by 16 bps for the state lender at 0.48% as against 0.32% in the corresponding quarter of the previous financial year.
The bank managed to lower its net non-performing assets (NNPAs) in the reported quarter by 14 bps to 0.57% over 0.71% in the year ago period.
Its PCR was also down by 41 bps in the quarter gone by at 74.41% versus 74.82% in the year ago period.
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