SBI’s Q2 profit jumps 23%
State Bank of India (SBI) on Friday reported a 23 per cent jump in consolidated net profit for the September quarter at Rs 19,782 crore, helped by an increase in non-interest income and treasury profits.
On a standalone basis, the country’s largest lender reported a net profit of Rs 18,331 crore as against Rs 14,330 crore in the year-ago period and Rs 17,035 crore in the preceding quarter.
Its core net interest income grew 5.37 per cent despite a 15 per cent increase in advances, as a 0.15 per cent narrowing in the net interest margin to 3.14 per cent caused a pull.
Non-interest income grew 42 per cent to Rs 15,271 crore helped by gains on forex and treasury. Newly appointed chairman CS Setty said the bank was maintaining the 14-16 per cent advances growth target for the fiscal, but lowering the deposit growth target to around 10 per cent.
