- Friday, November 08, 2024
The country’s largest lender reported a net profit of ₹183.31 billion in the September quarter, as against ₹143.30 billion in the year-ago period
By: Shajil Kumar
STATE BANK OF INDIA (SBI) on Friday reported 23 per cent jump in consolidated net profit for September quarter at ₹197.82 billion (£1.81bn), helped by an increase in non-interest income and treasury profits.
On a standalone basis, the country’s largest lender reported a net profit of ₹183.31 billion (£1.81bn) as against ₹143.30 billion (£1.31bn) in the year-ago period.
Its core net interest income grew 5.37 per cent to ₹416.20 billion despite a 15 per cent increase in advances, as a 0.15 per cent narrowing in the net interest margin to 3.14 per cent caused a pull.
Non-interest income grew 42 per cent to ₹152.71 billion (£1.40bn) helped by gains on forex and treasury.
Newly appointed chairman C S Setty said the bank is maintaining the 14-16 per cent advances growth target for the fiscal, but lowering the deposit growth target to around 10 per cent as against 12-13 per cent earlier.
Managing director Ashwini Kumar Tewari said corporate loan growth came at 17 per cent and the bank is confident of maintaining the same for the fiscal.
Amid concerns on sluggish private capex, Tewari said SBI has sizeable proposals on capital investments for both greenfield and brownfield expansion from corporates.
Setty said the bank will not take a big bet on the aviation sector, where it has been lending based on the strength of the promoters rather than operational aspects. (PTI)
