Fri Nov 08 10:25:26 UTC 2024: ## SBI’s Q2 Profit Soars 28% to ₹18,331 Crore, NII Also Rises; Stock Dips 2.5%

**Mumbai:** State Bank of India (SBI), India’s largest public sector bank, on Friday reported a net profit of ₹18,331.4 crore for the July-September quarter (Q2 FY25), marking a 28% increase from the previous year. This figure exceeded market expectations, which predicted a growth between 10-17%.

In the corresponding period last year (Q2 FY24), SBI had reported a net profit of ₹14,33.03 crore. Sequentially, the bank’s Q2 profit climbed 7.6% to ₹17,035.16 crore.

On an operational front, SBI’s net interest income (NII), the difference between interest earned and interest paid, stood at ₹41,620 crore during the quarter. This represents a 5.3% rise year-on-year compared to ₹39,500 crore in the same period last year. While NII remained relatively flat on a quarter-on-quarter (Q-o-Q) basis, compared to ₹41,125.5 crore in the April-June quarter (Q1 FY25).

However, the bank’s net interest margin (NIM) dipped by 16 basis points (bps) year-on-year and 8 bps quarter-on-quarter, settling at 3.27% in Q2 FY25. In Q2 FY24, it was at 3.43%, and in Q1 FY25, it stood at 3.35%.

“For H1 FY25, the whole bank NIM is 3.18% and domestic NIM is 3.31%. For Q2 FY25, the whole bank NIM is 3.14% and domestic NIM is 3.27%,” stated SBI in its release.

SBI’s financial report revealed growth in both loans and deposits during the second quarter. Its loan book, representing the total amount advanced, rose by 14.9% year-on-year and 2.85% quarter-on-quarter, reaching ₹39.2 lakh crore. This growth was driven by domestic corporate loans, which witnessed a 18.35% annual increase and 1.6% quarterly growth, settling at ₹11,57,171 crore. Domestic retail individual loans also expanded by 12.32% year-on-year, reaching ₹13,96,624 crore, while registering a mere 2% growth compared to the June quarter.

Within individual loans, home loans constituted ₹7,64,141 crore in the second quarter, displaying a 13.66% rise year-on-year and a 3.3% growth quarter-on-quarter.

SBI’s liabilities, including deposits, surged by 9.13% year-on-year and 4.4% quarter-on-quarter, hitting ₹51.17 lakh crore. Domestic current account-saving account (CASA) deposits reached ₹19,65,899 crore, marking a 4.24% year-on-year and 2.69% quarter-on-quarter increase. Meanwhile, domestic term deposits totaled ₹29,44,629 crore, reflecting a 12.5% year-on-year and 5.56% quarter-on-quarter growth.

SBI’s CASA ratio stood at 40.03% at the end of the quarter, experiencing a decline of 185 bps year-on-year and 67 bps quarter-on-quarter.

In the market, SBI’s share price witnessed a 2.6% dip today, reaching ₹836 per share in intraday trading on the BSE. The BSE Sensex also dipped by 119 points or 0.15% until 2:00 pm.

**Note:** This news article is based on the provided text, summarizing the key information about SBI’s Q2 FY25 results. It also includes the stock market performance of SBI and the Sensex during the day.

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