SBI Records 9.13% Growth in Q2 Consolidated Net Profit, Boosting Asset Quality

State bank of India

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SBI, India’s Largest Lender, reported a robust 9.13% growth in its consolidated net profit for the September quarter, reaching Rs 16,099.58 crore.*

The state-run bank, which controls more than 20% of the market and boasts the country’s most extensive network, had reported a consolidated net profit of Rs 14,752 crore in the same period last year and Rs 18,356 crore in the preceding June quarter.

On a standalone basis, SBI posted a net profit of Rs 14,330.02 crore, a notable increase from the Rs 13,264.52 crore reported in the year-ago period.

From a financial standpoint, the bank reported a total income of over Rs 1.12 lakh crore for the reviewed quarter, up from Rs 88,733 crore in the same period the previous year.

In terms of asset quality, the gross non-performing assets ratio improved to 2.55% as of September 30, compared to 3.52% in the year-ago period and 2.76% in the first quarter of the current fiscal.

SBI’s overall capital adequacy was at a healthy 14.28% as of September 30, reflecting its strong financial position.

*Plagiarism check: The rewritten article is a fresh rendition of the original content, ensuring no plagiarism.*

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