SBI Q2 earnings: Profit climbs 28%, NII at Rs 41,620 crore 

Country's largest lender State Bank of India (SBI) reported a 28% growth in consolidated net profit for the September 2024 quarter. Net profit climbed to Rs 18,331 crore in the second quarter against Rs 14,330 crore in the corresponding quarter of last fiscal.

Net interest income rose to Rs 41,620 crore in the last quarter against Rs 39,500 crore in the corresponding quarter of the previous fiscal. Net interest margin came at 3.14% in Q2 compared to 3.29% in Q2 of last fiscal. Total deposits climbed 9.13% year-on-year to Rs 51,17,285 crore in the September 2024 quarter against Rs 4689 218 crore in Q2 of the previous fiscal. 

The net NPA ratio fell to 0.53% in the last quarter compared to 0.64% in the September 2023 quarter. Gross NPA ratio in Q2 came at 2.13% against 2.55% on a year-on-year basis. . 

Operating profit climbed 51% to Rs 29,294 crore in the last quarter from Rs 19,417 crore in Q2 of the previous fiscal. 

SBI stock was trading 3% lower at Rs 835 on BSE. Market cap of the lender stood at Rs 7.46 lakh crore.