SBI Q1 Earnings: Bank’s Net Profit Zooms 178% To Rs 16,884 Crore; NII Up 24.7% YoY

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State Bank of India (SBI), the largest public sector bank in the country, announced it’s results for quarter ending June 30

SBI Q1 Results: State Bank of India (SBI), the largest public sector bank in the country, announced it’s results for quarter ending June 30. The lender’s net profit in Q1FY24 zoomed 178% to Rs 16,884 crore from Rs 6,068 crore, YoY.

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SBI net interest income in the quarter ended June 2023 rose 24.5% to Rs 38,904 crore from Rs 40,392.5 crore, YoY.

Its gross NPA reduced to 2.76% vs 2.78% quarter-on-quarter (QoQ) and 3.9% YoY.

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The banking behemoth’s asset quality deteriorated on a sequential basis, with its net non-performing assets (NPAs) — or bad loans — at 0.71% in the June quarter as against 0.67% for the previous three months, according to the filing.

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SBI shares slipped into the red minutes after the earnings announcement, last seen trading down 0.5% for the day at Rs 587.5 apiece on BSE.