New Delhi: The State Bank of India (SBI) disclosed on Friday that its net profits, or profit after tax, witnessed a notable increase of 27.92 percent during the July-September fiscal period, reaching a total of Rs 18,331 crore.
Combining the April-June and July-September quarters, the bank reported a 13.30 percent rise in its net profit to Rs 36,367 crore.
Furthermore, the bank's net interest income saw a 5.37 percent growth to Rs 41,620 crore during the September quarter, marking a combined increase of 5.54 percent to Rs 82,745 crore for the two quarters.
In terms of credit expansion, the bank experienced a year-on-year growth rate of 14.93 percent, with an increase in credit growth to Rs 39.21 lakh crore, with domestic advances contributing a 15.55 percent year-on-year growth.
The bank also noted that loans to Small and Medium Enterprises (SMEs) and retail personal loans saw a year-on-year growth of 17.36 percent and 12.32 percent, respectively.
Additionally, the bank's gross Non-Performing Assets (NPA) ratio remained at 2.13 percent, showing a year-on-year improvement of 42 basis points in the September quarter.
The bank also highlighted that its Profit per Employee and Business per Employee metrics have been on a consistent upward trajectory, indicating enhanced productivity. As of the time of this report, the bank had a total employee count of 2.34 lakhs, with an attrition rate of 0.38 percent (annualised) reported for the first half of the fiscal year 2024-25.
At the moment of filing this report, the shares of SBI were observed trading at 837.45 points, experiencing a decline of 2.58 percent.
