Fri Nov 08 10:23:24 UTC 2024: ## SBI Records 23% Increase in Net Profit for Q2 FY24-25

**New Delhi, [Date]** – The State Bank of India (SBI) has announced a strong 23% increase in its consolidated net profit for the second quarter of the current fiscal year (FY24-25). The bank reported a net profit of ₹19,782 crore for the July-September period, up from ₹16,099 crore in the same period last year.

On a standalone basis, SBI’s net profit for the quarter reached ₹18,331 crore, compared to ₹14,330 crore in the corresponding period of the previous financial year. The bank’s total income also saw a significant rise, reaching ₹1.29 lakh crore in Q2 FY24-25, as against ₹1.12 lakh crore in the same period last year.

However, the bank’s total expenses also went up during the quarter, reaching ₹99,847 crore compared to ₹92,752 crore in the same period last year. The provision for bad loans also increased from ₹1,814 crore to ₹3,631 crore during the quarter. Despite this, the bank’s gross NPA ratio declined to 2.13% on September 30th, from 2.21% in June.

The strong performance comes as the bank continues to benefit from a robust economic recovery and a favorable interest rate environment. C.S. Shetty took over as the new chairman of SBI in August this year.

**Disclaimer:** Prabhat Khabar does not offer any investment advice. We publish market analyses based on information provided by market experts and brokerage companies. Consult certified professionals before making any investment decisions.

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