State Bank of India (SBI) on Saturday said its standalone profit jumped 74 per cent to ₹13,265 crore in the second quarter of FY23, aided by lower bad loans and higher interest income.
The country’s largest lender had earned a profit of ₹7,627 crore in the same quarter a year ago.
The public sector lender’s total income increased to ₹88,734 crore during the quarter under review from ₹77,689.09 crore in the July-September quarter of last fiscal.
The Net Interest Income (NII) during the period increased by 13 per cent to ₹35,183 crore from ₹31,184 crore in the same quarter a year ago.
The asset quality of the bank improved with the gross non-performing assets (NPAs) declining to 3.52 per cent of the gross advances as on September 30, 2022, from 4.90 per cent a year ago.
Net NPAs or bad loans too declined to 0.80 per cent of the advances from 1.52 per cent in the year-ago period.
As a result, provisions for bad loans came down to ₹2,011 crore, down from ₹2,699 crore in the same quarter a year ago.
On a consolidated basis, SBI Group reported a 66 per cent surge at ₹14,752 crore for the second quarter ended September 30 as against ₹8,890 crore in the July-September quarter of previous fiscal.
The total income of the SBI group rose to ₹1,14,782 crore in the quarter under review, compared to ₹1,01,143.26 crore in the year-ago period.