SBI’s Explosive Victory: Q2FY24 Net Profit Skyrockets to Rs 14,330 Crore, Shattering Expectations!

“Mumbai: SBI’s Impressive Q2FY24 Results: Navigating Economic Challenges

The State Bank of India (SBI) has reported its Q2FY24 performance, featuring a substantial 8% year-on-year (YoY) increase in standalone net profit, reaching Rs 14,330 crore for the September quarter. SBI’s net interest income (NII) for the same period grew by 12.3% YoY, reaching Rs 39,500 crore, surpassing market expectations.

In addition to profits and NII, SBI demonstrated its commitment to enhancing asset quality. Gross Non-Performing Assets (GNPA) exhibited a significant reduction of 97 basis points YoY, standing at 2.55%, while Net NPA improved by 16 basis points, settling at 0.64%.

Despite a minor decline in the Provision Coverage Ratio (PCR), SBI remains focused on controlling slippages, with a slight increase in the Slippage Ratio. Credit cost improved by 6 basis points YoY to 0.22%, indicating efficient risk management.

SBI’s Capital Adequacy Ratio (CAR) saw a substantial YoY improvement of 77 basis points, standing at 14.28%, signifying readiness for growth and uncertainties in the financial sector.

The bank’s credit growth surged by 12.39% YoY, driven by strong SME and Retail Personal Advances. Foreign Offices’ Advances grew by 8.11% YoY, surpassing Rs 5 lakh crores.

Whole Bank Deposits increased by 11.91% YoY, with Current Account and Savings Account Deposits (CASA) contributing significantly.

The CASA ratio stood at a healthy 41.88%, reflecting SBI’s robust financial position and commitment to economic growth.

SBI’s Q2FY24 results highlight its resilience and strategic prowess in a dynamic banking sector, showcasing its adaptability and strength.”

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