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2 min read | Updated on August 05, 2024, 09:40 IST
SUMMARY
State Bank of India (SBI) reported an almost flat standalone net profit of ₹17,035 crore for the April-June quarter of the financial year 2024-25, compared to ₹16,884 crore a year ago, reflecting an increase of 0.89%.
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SBI's total income surged to ₹1,22,688 crore in the latest June quarter against ₹1,08,039 crore a year ago.
Shares of State Bank of India (SBI) were trading in red after the company released its financial results for the first quarter of fiscal year 2024-25 on Monday, August 5.
The stock was trading 3.2% lower at ₹820.7 on the NSE in the early trade. It was down 3.2% at ₹820.4 on the BSE.
The bank's total income surged to ₹1,22,688 crore in the latest June quarter against ₹1,08,039 crore a year ago, SBI said in a regulatory filing.
During the quarter, the bank earned an interest income of ₹1,11,526 crore, up from ₹95,975 crore in the year-ago period.
The bank's gross non-performing assets (NPA) of the total advances fell to 2.21% in the first quarter from 2.76% at June-end last year.
Similarly, its net NPAs also eased to 0.57$ in Q1 FY25 from 0.71% a year ago.
On a consolidated basis, SBI's net profit rose marginally to ₹19,325 crore against ₹18,537 crore in the same quarter of the previous fiscal.
At the same time, its total income increased to ₹1,52,125 crore compared to ₹1,32,333 crore in the corresponding period of the preceding financial year.
Besides approving the results, the board also cleared proposals for raising funds in rupee or dollar by issuing Basel III compliant Additional Tier 1 Bonds and Tier 2 Bonds of up to ₹25,000 crore to domestic and overseas investors during FY25.
The fundraising would be subject to the central government's approval, wherever required, SBI said.
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