With an 8% increase in Q2 net profit of Rs 14,330 cr, SBI outperforms the Street

 With an 8% increase in Q2 net profit of Rs 14,330 cr, SBI outperforms the Street

The Street estimated State Bank of India's Q2 net profit to be Rs 14,221 crore.

For the July–September FY24 quarter, State Bank of India (SBI) reported a net profit of Rs 14,330 crore, an 8 percent increase over the Rs 13,265 crore recorded in the same period last year.

On November 4, the biggest lender in the nation exceeded market expectations with a net profit for the quarter of Rs 14,221 crore.

SBI's stock concluded trading on November 3 at Rs 578.15 per share on the BSE, unchanged from the previous close.

The net interest income (NII) for the quarter was reported at Rs 39,500 crore, up 12.3% from Rs 31,184 crore in the same quarter of the previous fiscal year.

Gross non-performing assets (NPA) for the bank decreased to 2.55 percent in the same quarter of previous year from 3.52 percent. However, net non-performing assets (NPA) for the quarter were 0.64 percent, up from 0.80 percent in the same period last year.