State Bank of India (SBI), the country’s largest lender, on Saturday reported a net profit of Rs 17,035 crore for the June 2024 quarter, which is 0.9 per cent higher as compared with Rs 16,884.29 crore a year ago. Its board has also approved a fundraising of Rs 25,000 crore. The state-owned bank’s net interest income (NII) during April-June 2024 stood at Rs 41,125 crore.
“The central board has accorded approval for raising funds in rupee and /or USD by issue of Basel-III compliant Additional Tier-1 Bonds and Tier 2 Bonds, up to Rs 25,000 crore to lndian and/or overseas investors during FY25, subject to approval of Government of lndia, wherever required,” SBI said in a regulatory filing.
The bank’s total income increased to Rs 1,22,688 crore in the first quarter against Rs 1,08,039 crore a year ago, SBI said in a regulatory filing.
During the quarter, the bank earned an interest income of Rs 1,11,526 crore compared to Rs 95,975 crore in the year-ago period.
The bank’s gross non-performing assets (NPA) of the total advances declined to 2.21 per cent in the first quarter from 2.76 per cent at June-end last year. Similarly, its net NPAs also eased to 0.57 per cent in June 2024 from 0.71 per cent a year ago.
On a consolidated basis, SBI’s net profit rose marginally to Rs 19,325 crore against Rs 18,537 crore in the same quarter of the previous fiscal. At the same time, its total income increased to Rs 1,52,125 crore compared to Rs 1,32,333 crore in the corresponding period of the preceding financial year.
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