SBI Q2 Net Zooms 23% To Rs 19,782 Cr

Mumbai: SBI on Friday reported a 23 per cent on-year jump in consolidated net profit at Rs 19,782 crore for the quarter ended September 30, 2024. The consolidated net profit for the corresponding period last year stood at Rs16,099 crore. On a standalone basis, the country’s largest lender reported a net profit of Rs18,331 crore, as against Rs14,330 crore in the year ago period and Rs17,035 crore in the preceding quarter.

The total income of the bank which has seen a leadership transition with C S Setty taking over as the chairman in August rose to Rs1.29 lakh crore, from Rs1.12 lakh crore in the year-ago period. The total expenditure moved up to Rs99,847 crore in the quarter under review, from Rs92,752 crore in the year-ago period. Provisions for bad assets nearly doubled to Rs3,631 crore from Rs1,814 crore, and the gross non-performing assets ratio stood at 2.13 per cent as on September 30, as against 2.21 per cent in June.