SBI announces a 9.13% increase in consolidated net profit for Q2 at Rs 16,099 crore

SBI, the country’s largest lender, reported a 9.13 percent increase in consolidated net profit for the September quarter to Rs 16,099.58 crore on Saturday.

In the previous year, the state-run institution posted a consolidated net profit of Rs 14,752 crore, and in the June quarter, it claimed a profit of Rs 18,356 crore. It reported a standalone net profit of Rs 14,330.02 crore, up from Rs 13,264.52 crore in the previous year.

SBI, which controls more than a fifth of the overall market and has the largest network in the country, recorded a total income of more than Rs 1.12 lakh crore for the quarter under review, up from Rs 88,733 crore the previous year.

In terms of asset quality, its gross non-performing assets ratio was 2.55 percent as of September 30, up from 3.52 percent the previous year and 2.76 percent in the first quarter of the current fiscal.

As of September 30, its overall adequacy was 14.28 percent.

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