New Delhi – State Bank of India has released the results for the second quarter of the current financial year (2024-25) July-September. According to the data, the company’s consolidated net profit has increased 23 percent year-on-year to Rs 19,782 crore. In the second quarter of the previous financial year, the bank had an integrated net profit of Rs 16,099 crore.
Announcing the quarterly results on Friday, SBI said that its net profit on a standalone basis stood at Rs 18,331 crore in the July-September period, as against Rs 14,330 crore in the same quarter a year ago. In the previous quarter (April-June) it was Rs 17,035 crore.
The total income of the bank increased to Rs 1.29 lakh crore during the period under review, from Rs 1.12 lakh crore in the same period a year ago. The bank’s total expenses in the second quarter rose to Rs 99,847 crore from Rs 92,752 crore in the same quarter of the previous fiscal.
The bank’s provision for bad loans nearly doubled from Rs 1,814 crore to Rs 3,631 crore. The bank’s gross non-performing assets (NPA) ratio stood at 2.13 per cent as on September 30, as against 2.21 per cent in June. It is worth noting that CS Shetty was appointed as the chairman of SBI in August.
Life Insurance Corporation (LIC) on Friday reported a 4% decline in its standalone net profit to Rs 7,621 crore for the quarter ended September 2024. It was Rs 7,925 crore in the same quarter a year ago. Net Premium Income during the quarter under review grew 11% year-on-year (YoY) to Rs 1.19 lakh crore as compared to Rs 1.07 lakh crore in the same quarter last year.
Investment income grew 16% to Rs 1.08 lakh crore in the September quarter as compared to Rs 93,942 crore in the same quarter last year. First year premium income during the second quarter grew 12% to Rs 11,201 crore as compared to Rs 9,988 crore in the same quarter last year.
