SBI Q2FY25 net profit grows 28% YoY Rs 18,331 cr; NII at Rs 41,620 cr
Mumbai: State Bank of India (SBI) reported a substantial profit of Rs 18,331 crore, marking a 28% year-on-year increase and surpassing market expectations. crore.
The bank's net interest income (NII) for the quarter rose by 5% YoY to Rs 41,620 crore, up from Rs 39,500 crore in the same quarter the previous year.
SBI’s pre-provision operating profit jumped 51% YoY, reaching Rs 29,294 crore in the July-September 2024 period, compared to Rs 19,417 crore in the same period last year.
NII growth aligned with projections but trailed average loan growth, primarily due to the cost of deposits rising faster than the yield on advances.
The domestic net interest margin (NIM) for the quarter fell by 16 basis points to 3.27%, compared to 3.43% in the prior year.
Gross advances during the second quarter increased by 15% YoY to Rs 39.2 lakh crore, while deposits saw a lower growth rate of 9% YoY, reaching Rs 51.17 lakh crore.
Credit costs rose by 16 basis points YoY to 0.38%, compared to 0.22% a year ago, and were at 0.48% in the preceding June quarter.
At the end of the second quarter, SBI’s Capital Adequacy Ratio (CAR) was 13.76%, with a CET-1 ratio of 9.95% and a tier-1 ratio of 11.32%.
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