State Bank of India (SBI) on Saturday released its quarterly report or Q2 earnings. In the report, SBI said that its standalone profit surged 74 per cent to Rs 13,265 crore in July-September period. Aided by lower bad loans and higher interest income, the bank reported such results in Q2FY23.
One of the largest commercial bank of the country, SBI, while announcing its results also mentioned that its total income increased to Rs 88,734 crore during the same period. When compared with July-September of the last fiscal, the total income has increased as back then, it was Rs 77,689.09 crore.
While announcing the results, the country’s largest lender also added that the Net Interest Income (NII) during the period under consideration increased to Rs 35,183 crore. This surge was almost by 13 per cent as a year ago, in the same quarter, the bank reported NII at Rs 31,184 crore.
Advertisement
As SBI reported a decline in Net non-performing assets (NPAs) or bad loans, it also reported an improvement in the asset quality. The provisions for bad loans have also reduced to Rs 2,011 crore from the previous Rs 2,699 crore for the period under review.
The bank has also shown better signs in other spheres. SBI’s slippage ratio and credit costs declined from year-ago levels, as per the results. The former declined to 0.33 per cent for the period under review and its credit cost also fell to 0.28 per cent.
