SBI Q1 Net Profit Jumps to ₹21,121 Crore, Beating Street Estimates
SBI's Q1 net profit surged to ₹21,121 crore, surpassing analyst forecasts, aided by lower provisions and better NPA ratios.
State Bank of India (SBI), the country's largest public sector lender, has reported a robust set of numbers for the first quarter of the current fiscal year. The bank's standalone net profit for the April-June period came in at ₹21,121 crore, comfortably ahead of market expectations of ₹19,102 crore.
The strong bottom-line performance was supported by healthy growth in core lending income. SBI's net interest income (NII) — the difference between interest earned and interest paid — rose to ₹46,992 crore during the quarter. Total interest earned by the bank stood at ₹1.28 lakh crore.
Asset quality showed further improvement, with the gross non-performing asset (NPA) ratio easing to 1.47% at the end of the quarter. This reflects continued recovery and lower slippages in the loan book.
Provisions and contingencies for the quarter were contained at ₹5,047 crore, with specific provisions for bad loans at ₹3,359 crore. The lower provisioning burden, coupled with steady operational performance, helped boost profitability.
The results underscore SBI's resilience amid a competitive lending environment and reinforce its position as a key driver of the Indian banking sector's health.