SBI logs highest-ever quarterly profit in the 2nd quarter (Banking)

SBI logs highest-ever quarterly profit in the 2nd quarter (Banking)_40.1

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SBI posts highest quarterly profit in Q2 (Bank): The country’s largest bank, State Bank of India (SBI), has reported its highest ever quarterly profit of Rs 13,265 crore for the second quarter ended 30 September. The bank’s quarterly profit is 74% higher than the Rs 7,627 crore reported last year.

News highlights

  • State Bank of India reported its highest ever quarterly profit of Rs 13,265 crore for the September quarter of FY23, up 74% year-on-year, boosted by strong loan sales, higher interest income and provisions lower ones.
  • More than a quarter of the total income, came from investment gains, though the bank did not register gains in government securities, in which it has an additional exposure of more than Rs 3.85 lakh crore.
  • The bank’s asset quality improved, with gross non-performing assets (NPAs) falling 138 basis points (bps) to 3.52 percent from 4.90 percent a year ago and net NPAs nearly halving to 0.80 percent of advances from 1.52 percent a year ago before. As a result, provisions for bad loans have been reduced.
  • Gross NPAs fell by 13.83 percent, while net NPAs fell by 36.5 percent.
  • A busy season was the cause of record loan sales in the second quarter.

About SBI

  • State Bank of India is the largest commercial bank in terms of assets, deposits, branches, customers and personnel.
  • It is the largest mortgage lender in the country, helping over 30 lakh Indian families realize their dream of owning a home.
  • SBI also has more followers on Facebook and Twitter than any bank in the world.
  • SBI has several tags including “A Bank Of The Common Man”, “Pure Banking Nothing Else”, “Banker For Every Indian”, “Nation Banks On Us”, “With You All Way” and “You Can Always Bank For We.”
  • Dinesh Kumar Khara is the current chairman of State Bank of India. He is the chairman of SBI since October 7, 2020.
  • The normal term of office is three years, but may be extended for another two years. Only the tenures of Raj Kumar Talwar and Arundhati Bhattacharya as chairpersons were extended.
  • Arundhati Bhattacharya was the first female chairperson of SBI and remains the only woman in that position till date.
  • Its headquarters is in Mumbai.

Current affairs

SBI posts highest ever quarterly profit in Q2 (Bank)_50.1

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