SBI Q2 Results: Net profit jumps 23% to ₹19,782 crore

State Bank of India (SBI) on Friday reported a 23 per cent on-year jump in consolidated net profit at ₹19,782 crore for the quarter ended September 30, 2024.

The consolidated net profit for the corresponding period last year stood at ₹16,099 crore.

On a standalone basis, the country’s largest lender reported a net profit of ₹18,331 crore, as against ₹14,330 crore in the year ago period and ₹17,035 crore in the preceding quarter.

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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 ₹1.29 lakh crore, from ₹1.12 lakh crore in the year-ago period.

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

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Provisions for bad assets nearly doubled to ₹3,631 crore from ₹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 ₹845.50 a piece on the BSE at 1412 hrs as against a 0.14 per cent correction on the benchmark.