Fri Nov 08 08:20:00 UTC 2024: ## SBI Reports 23% Surge in Quarterly Profit, Led by Strong Loan Growth

**Mumbai, October 26, 2024:** India’s largest lender, State Bank of India (SBI), announced a robust 23% year-on-year jump in its consolidated net profit for the quarter ended September 30, 2024, reaching ₹19,782 crore. This marks a significant increase from the ₹16,099 crore recorded in the corresponding period last year.

On a standalone basis, SBI reported a net profit of ₹18,331 crore, outperforming the ₹14,330 crore figure from the previous year and the ₹17,035 crore recorded in the preceding quarter.

The bank’s total income surged to ₹1.29 lakh crore in the September quarter, a notable rise from ₹1.12 lakh crore in the year-ago period. This growth reflects the bank’s strong loan performance and expansion in its business.

However, SBI’s total expenditure also climbed to ₹99,847 crore in the quarter, up from ₹92,752 crore in the year-ago period. Notably, provisions for bad assets nearly doubled to ₹3,631 crore from ₹1,814 crore. Despite this increase, the bank’s gross non-performing assets ratio stood at 2.13% as of September 30, down from 2.21% in June.

This strong performance comes amidst a leadership transition at SBI, with C S Setty assuming the role of chairman in August.

The SBI scrip was trading down 1.60% at ₹845.50 a piece on the BSE at 1412 hrs, slightly lower than the benchmark’s 0.14% correction.

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