SBI Q1 Result: Bank Reports Nearly Unchanged Net Profit Of Rs 17,035 Crore
SBI’s total income for the quarter rose to Rs 1,52,125 crore, up from Rs 1,32,333 crore in the corresponding period of the previous financial year
The State Bank of India (SBI) on Saturday reported a nearly unchanged standalone net profit of Rs 17,035 crore for the first quarter of the current financial year (FY25). This is a slight increase from the Rs 16,884 crore net profit posted in the April-June quarter of the fiscal year 2023-24.
The bank’s total income rose to Rs 1,22,688 crore during the quarter, up from Rs 1,08,039 crore a year earlier. Interest income also experienced an increase, reaching Rs 1,11,526 crore compared to Rs 95,975 crore in the same period last year.
The bank's gross non-performing assets (NPA) as a percentage of total advances improved to 2.21 per cent from 2.76 per cent at the end of June last year. Similarly, net NPAs decreased to 0.57 per cent from 0.71 per cent a year ago.
On a consolidated basis, the bank’s net profit showed a marginal rise to Rs 19,325 crore from Rs 18,537 crore in the corresponding quarter of the previous fiscal year.
At the same time, SBI’s total income for the quarter rose to Rs 1,52,125 crore, up from Rs 1,32,333 crore in the corresponding period of the previous financial year. This increase reflects a marginal growth in the bank's revenue.
In addition to approving these financial results, the board of directors also approved proposals to raise funds by issuing Basel III compliant Additional Tier 1 Bonds and Tier 2 Bonds. The planned fundraising could amount to up to Rs 25,000 crore and will be targeted at both domestic and international investors during the financial year 2025.
However, this fundraising effort is contingent upon obtaining necessary approvals from the central government, as required, according to the lender’s statement.
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