The profit exceeded Street estimates, which had pegged it at Rs 17,095 crore.
The public lender earned an interest income of Rs 1,17,996 crore in the quarter under review, up 6% from Rs 1,11,526 crore in the year-ago period.
SBI paid Rs 76,923 crore as interest, up 9% from Rs 70,401 crore in the year-ago period.
The earnings were announced during market hours, and SBI shares recovered from the day’s low of Rs 793 on NSE, though they were still trading over 1% lower around 1:30 pm amid weak market sentiment.
The net profit growth was driven by efficiency in operating income and contained operating expenses, the company filing to the exchanges said.The largest Indian PSU bank reported net interest income (NII) at Rs 41,072 crore, which was 0.13% down from Rs 41,125 crore reported in the year-ago period.Meanwhile, the net interest margin (NIM) fell 32 bps to 2.90% from 3.22% in Q1FY25.
Ask ChatGPT