SBI Raises Short-Term Retail Fixed Deposit Rates Amidst Economic Shifts
In its latest quarterly report, State Bank of India (SBI) showcased remarkable financial performance, recording its highest standalone quarterly net profit at ₹20,698 crore. This exceptional result was primarily driven by a surge in non-interest income, effective cost management, and a favorable adjustment in asset provisions.
SBI’s Chairman, Dinesh Kumar Khara, expressed optimism regarding sustained loan growth and maintained net interest margin. The bank anticipates a 14-16% loan growth and 12-13% deposit growth for FY25. Notably, gross non-performing assets (NPAs) decreased to 2.24% of gross advances, indicating improved asset quality.
While provisions for employees decreased, loan loss provisions increased significantly. SBI received write-backs from standard asset provisions and other provisions. Despite a decline in net interest margin, the bank’s capital adequacy ratio remains robust, supporting further balance sheet growth.
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