State Bank of India (SBI), the country’s largest public sector bank, has declared the results of the second quarter (July-September) of the financial year 2023-24 today on Saturday (November 4). The bank’s net profit in Q2FY24 increased by 8% year-on-year (YoY) to Rs 14,330 crore. It was Rs 13,265 crore in the same quarter last year.
NII increased by 12.3% to Rs 39,500 crore
The bank’s net interest income (NII) increased by 12.3% year-on-year (YoY) to Rs 39,500 crore in the September quarter. It was Rs 31,184 crore in the same quarter last year.
The gross NPA of the bank stood at 2.55%.
The gross non-performing asset (NPA) of the bank stood at 2.55% in the second quarter. It was 3.52% in the same quarter last year. Whereas the net NPA of the bank was 0.64%. It was 0.80% in the same quarter last year.
Operating profit fell 8.07%
The bank’s operating profit (EBITDA) fell 8.07% year-on-year (YoY) to Rs 19,417 crore in Q2FY24. However, the provision coverage ratio (PCR) declined by 248 basis points year-on-year (YoY) to 75.45% in the September quarter.
Capital Adequacy Ratio stood at 14.28%.
61% of SBI’s SB accounts and 39% of retail asset accounts are acquired digitally through YONO. Apart from this, the capital adequacy ratio (CAR) of the bank improved by 77 basis points on an annual basis to 14.28% in Q2FY24.