State Bank of India (SBI) on Friday announced its results for the second quarter of the current fiscal year, which ended on September 30, 2024. The bank reported a net profit of Rs 18,331 crore, marking a 27.92 per cent increase from the previous quarter.
SBI’s net interest income (NII) rose by 5.37 per cent to reach Rs 41,620 crore, compared to Rs 29,500 crore in the corresponding quarter of the previous year. The first half of FY25 recorded an overall growth of 5.54 per cent.
The bank’s credit registered a year-on-year growth of 14.93 per cent to Rs 39.21 lakh crore, with domestic advances rising by 15.55 per cent, according to a press release by SBI.
Annual operating profit for the quarter stood at Rs 29,294 crore, representing a year-on-year growth of 50.87 per cent.
Loans in the SME and Retail Personal Advances segments saw increases of 17.36 per cent and 12.32 per cent, respectively.
The gross non-performing asset ratio for the lender improved by 42 basis points, or 2.13 per cent year-on-year.
Notably, 61 per cent of the bank’s accounts were digitally acquired through YONO. Overall transactions through alternate channels also rose by 0.5 per cent for the half-year of the current fiscal compared to the same period last year.