State Bank of India (SBI) announced on Friday a significant rise in net profits for the July-September quarter, with profit after tax surging by 27.92% to reach ₹18,331 crore. Over the combined period of April to September, the bank’s net profit rose by 13.30%, totaling ₹36,367 crore.
Steady Increase in Net Interest Income and Credit Growth
The bank’s net interest income (NII) saw a 5.37% rise year-on-year in the September quarter, reaching ₹41,620 crore. For the first half of the fiscal year, NII grew by 5.54%, amounting to ₹82,745 crore. SBI’s total credit grew by 14.93% year-on-year, hitting ₹39.21 lakh crore, with domestic advances rising by 15.55%.
In particular, the bank’s SME and retail personal loan segments reported healthy year-on-year growth rates of 17.36% and 12.32%, respectively.
Improved Asset Quality and Employee Productivity
SBI’s asset quality also showed improvement, with the gross non-performing assets (NPA) ratio falling to 2.13%, a year-on-year improvement of 42 basis points. Productivity gains were reported as the bank’s profit and business per employee figures continued to rise. SBI’s workforce stands at 2.34 lakh employees, with an attrition rate of just 0.38% for the first half of FY2024-25.
At the time of reporting, SBI’s shares were trading at ₹837.45, reflecting a 2.58% drop.