SBI reports Q1 FY25 results:
The State Bank of India (SBI), the largest lender in the country, reported its financial results for the first quarter of FY25. The bank recorded a marginal 1% increase in its net profit, reaching ₹17,035.16 crore in the April-June quarter of the current financial year, compared to ₹16,884.29 crore in the same period last year. However, the net profit declined by 17.7% sequentially.
Financial Performance Highlights
Net Interest Income (NII):
The NII for Q1 FY25 was ₹41,125 crore, compared to ₹38,905 crore in Q1 FY24.
Gross Non-Performing Assets (NPA):
The gross NPA ratio stood at 2.21% as of June 30, 2024, slightly down from 2.24% on March 31, and significantly lower than 2.76% on June 30, 2023. In absolute terms, the gross NPAs for the June quarter were ₹84,226 crore, a marginal decrease from the previous quarter’s ₹84,276 crore.
Net NPA:
The net NPA ratio remained stable at 0.57% as of June 30, 2024, compared to both March 31, 2024, and a decrease from 0.71% on June 30, 2023.
Net Interest Margins (NIM):
The NIM for SBI’s entire operations in Q1 FY25 was 3.22%, down from 3.33% in the year-ago period. For domestic operations, NIMs were reported at 3.35%, a decrease of 12 basis points from 3.47% in Q1 FY24.
Operating Profit:
SBI’s operating profit for the quarter rose to ₹26,449 crore, marking a 4.55% increase year-over-year.
Growth in Advances and Deposits
Gross Advances:
SBI’s gross advances surged by 15.39% to ₹38,12,087 crore in Q1 FY25, up from ₹33,03,731 crore in the April-June quarter of FY24.
Total Deposits:
Total deposits grew by 8.18% year-over-year, reaching ₹49,01,726 crore, compared to ₹45,31,237 crore in Q1 FY24.
