SBI Q2 Results: Standalone profit rises 14% YoY to Rs 23,038 crore, NII jumps 15%
State Bank of India reported a 14% year-on-year increase in standalone net profit to Rs 23,038 crore for the second quarter. The growth was driven by a 15% rise in net interest income and a significant reduction in loan-loss provisions.
Why it matters
As India's largest public sector lender, SBI's performance is a key indicator of the health of the Indian banking sector and broader economic credit demand.
India's largest public sector lender, State Bank of India (SBI) on Tuesday reported 14% year-on-year (YoY) growth in its standalone net profit at Rs 23,038 crore in the second quarter. The same stood at Rs 20,160 crore in the same quarter last year.Net interest income in the reporting period increased 15% YoY to Rs 49,143 crore.The growth was supported by an expansion in the bank's loan book, which crossed Rs 52 lakh crore during the quarter. Operating profit rose 7% YoY to Rs 34,226 crore from Rs 31,904 crore. Interest income increased 10% to Rs 1.32 lakh crore, while interest expenses grew at a slower pace of 8% to Rs 82,876 crore.A sharp reduction in provisions for bad loans also supported SBI's profitability. Loan-loss provisions declined 33% to Rs 2,759 crore from Rs 4,132 crore a year earlier.
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