State Bank of India (SBI) on Saturday said its standalone profit jumped 74 per cent to Rs 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 Rs 7,627 crore in the same quarter a year ago.
The public sector lender’s total income increased to Rs 88,734 crore during the quarter under review from Rs 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 Rs 35,183 crore from Rs 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 Rs 2,011 crore, down from Rs 2,699 crore in the same quarter a year ago.
On a consolidated basis, SBI Group reported a 66 per cent surge at Rs 14,752 crore for the second quarter ended September 30 as against Rs 8,890 crore in the July-September quarter of previous fiscal.
The total income of the SBI group rose to Rs 1,14,782 crore in the quarter under review, compared to Rs 1,01,143.26 crore in the year-ago period.