SBI Posts Highest-Ever Quarterly Profit Of Rs 16,884 Crore
NDTV
On a consolidated basis, the SBI's net income soared more than two-fold to Rs 18,537 crore in the quarter from Rs 7,325 crore a year ago.
The State Bank of India (SBI) on Friday reported its highest-ever quarterly profit at Rs 16,884 crore in the April-June quarter of 2023-24 -- a nearly three-fold jump over Rs 6,068 crore in the year-ago period -- buoyed by a steep fall in bad loans and higher interest income.
On a consolidated basis, the bank's net income soared more than two-fold to Rs 18,537 crore in the quarter from Rs 7,325 crore a year ago. Total income was Rs 1,32,333 crore in the period as against Rs 94,524 crore in the April-June quarter of 2022-23.
On a sequential basis, some of the key numbers such as margins and net interest income showed marginal deterioration while loan loss provisions more than doubled, leading to SBI shares tanking nearly 3 per cent on bourses. This had an upset chairman Dinesh Khare opening his earnings address, wondering aloud why the markets and analysts look only at sequential numbers.
