The biggest lender in the nation, State Bank of India (SBI), said on Saturday that its consolidated net profit for the quarter ending in September 2023 increased by 9.13 percent to Rs 16,099.58 crore. From July to September of 2023, SBI’s total revenue was over Rs 1.12 lakh crore, which is more than it was during the same time the previous year at Rs 88,733 crore.
According to a regulatory filing, it reported a net profit of Rs 14,330.02 crore on a stand-alone basis, up from Rs 13,264.52 crore in the same period last year.
Consolidated net profit for the state-owned institution was Rs 18,356 crore in the June 2023 quarter, compared to Rs 14,752 crore in the same period last year.
SBI has the largest network in the nation and holds more than a fifth of the total market.
Regarding asset quality, as of September 30, the gross non-performing assets ratio was 2.55 percent, which is an improvement over the 3.52 percent recorded during the same time last year and the 2.76 percent recorded during the first quarter of the current fiscal year. As of September 30, its total capital adequacy was 14.28 percent.
