SBI Q2 net profit jumps 23% to Rs 19,782 cr

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 Rs 16,099 crore.

On a standalone basis, the country's largest lender reported a net profit of Rs 18,331 crore, as against Rs 14,330 crore in the year ago period and Rs 17,035 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 Rs 1.29 lakh crore, from Rs 1.12 lakh crore in the year-ago period.

The total expenditure moved up to Rs 99,847 crore in the quarter under review, from Rs 92,752 crore in the year-ago period.

Provisions for bad assets nearly doubled to Rs 3,631 crore from Rs 1,814 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.

The SBI scrip was trading 1.60 per cent down at Rs 845.50 a piece on the BSE at 1412 hrs as against a 0.14 per cent correction on the benchmark.