SBI, the country’s largest lender, has reported a significant growth of 9.13% in its consolidated net profit for the September quarter, reaching Rs 16,099.58 crore. This marks an increase from the net profit of Rs 14,752 crore reported during the same period last year, and a decrease from the net profit of Rs 18,356 crore in the June quarter.
On a standalone basis, SBI’s net profit for the September quarter stood at Rs 14,330.02 crore, compared to Rs 13,264.52 crore in the year-ago period.
With its expansive network and control over a fifth of the overall market, the bank’s total income for the quarter reached over Rs 1.12 lakh crore, surpassing the Rs 88,733 crore recorded in the year-ago period.
In terms of asset quality, SBI’s gross non-performing assets ratio improved to 2.55% as of September 30, compared to 3.52% in the year-ago period and 2.76% in the first quarter of the current fiscal year.
Furthermore, SBI’s overall capital adequacy stood at 14.28% as of September 30. These positive financial indicators highlight the bank’s strong performance and stability in the market.