State Bank of India (SBI), one of India’s largest public sector banks, reported its financial results for the April-June quarter of 2023-24. The bank achieved its highest-ever quarterly profit at ₹ 16,884 crore, representing a significant jump from ₹ 6,068 crore in the same period the previous year.
This remarkable performance was attributed to a decline in bad loans and increased interest income. On a consolidated basis, SBI’s net income also saw substantial growth, rising more than two-fold to ₹ 18,537 crore compared to ₹ 7,325 crore a year ago. However, despite the outstanding results, the bank’s shares declined by nearly 3 per cent due to some sequential indicators showing marginal deterioration.
Record Profit: SBI reported a net profit of ₹ 16,884 crore in Q1 2023-24, a nearly three-fold increase from ₹ 6,068 crore in the same quarter the previous year.
Capital Adequacy: SBI’s capital adequacy ratio improved by 113 bps to 14.56.
Find More News Related to Banking
World AIDS Vaccine Day, also known as HIV Vaccine Awareness Day, is observed annually on…
The Indian government has announced plans for public sector companies like Coal India, NMDC, and…
In April, India's merchandise exports saw a modest 1% increase, reaching $34.99 billion, driven by…
The Open Network for Digital Commerce (ONDC), a digital infrastructure initiative launched in 2021, has…
In response to rising credit demand and falling liquidity, State Bank of India (SBI) has…
The Indian Army is poised to elevate its air defense capabilities with the impending delivery…