Team Blitz India
NEW DELHI: State Bank of India (SBI), the country’s largest lender, reported an 8% year-on-year (YoY) growth in its September quarter. The Q2 standalone net profit at Rs14,330 crore. The lender’s net interest income during the quarter ended September 2023 increased 12.3% YoY to Rs 39,500 crore.
SBI’s domestic net interest margin (NIM) for Q2FY24 decreased by 12 bps YoY to 3.43%. Additionally, there was a 21.6% growth in other sources of income, bringing it to Rs 10,790 crore.
Also, State Bank of India’s gross non-performing sssets (GNPA) witnessed an improvement of 97 bps year-on-year to 2.55% while the net NPA improved 16 bps to 0.64%. During the quarter ending September 2023, the provision coverage ratio (PCR) stood at 75.45%, down 248 bps YoY.
The slippage ratio for Q2FY24 increased by 13 bps YoY and stood at 0.46% while for H1 it improved by 16 bps YoY and stood at 0.70%.
Also, the credit cost of SBI improved by 6 bps YoY to 0.22% during the period under review. The capital adequacy ration (CAR) as at the end of Q2FY24 improved by 77 bps YoY and stood at 14.28%.