SBI Q2 Results: Net interest income (NII), the difference between interest earned and interest expended, rose over 12% on year to Rs 39,500 crore, and was the above estimated Rs 38,500 crore. Gross non-performing assets ratio as of September end was 2.55%, compared with 3.52% a year ago, and 2.76% a quarter ago. Net non-performing assets ratio as of September end was 0.64%, compared with 0.80% a year ago, and 0.71% a quarter ago.
Net profit increased to Rs 14,330 crore in the quarter ended September 2023 from Rs 13,265 crore a year earlier due to a 12% growth in advances, led by a 23% growth in loans to small and medium enterprises (SMEs). Total provisions fell sharply to Rs 115 crore in September 2023 from Rs 3039 crore a year earlier because the bank benefited from a Rs 1295 crore write back from accounts which recouped delayed payments earlier. Net profit was in line with a poll of analysts by Bloomberg which had predicted Rs 14,329 crore.
SBI Q2 Results: Net Profit Jumps 9.13% YoY To Rs 16,100 Crore, the bank's gross non-performing assets ratio was at 2.55 per cent as of September 30, an improvement from the 3.52 per cent in the year-ago period
"At least from the headline numbers of NPA, it tells us that there does not seem to be any worry. We will have to look at the granularity in terms of what are the slippages and what are the upgrades. Possibly the upgrades would have been better this time around relative to the other quarters."