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| Photo Credit: Reuters

The country’s biggest bank SBI on August 4 posted over two-fold jump in standalone net profit at ₹16,884 crore for the first quarter of the current financial year, helped by decline in bad loans and improvement in interest income.

State Bank of India (SBI) had reported a net profit of ₹6,068 crore in the April-June quarter of 2022-23.

The bank’s total income increased to ₹1,08,039 crore in the first quarter of 2023-24, as against ₹74,989 crore in the same period a year ago, as per the regulatory filing.

During the quarter, the bank earned interest income of ₹95,975 crore, as against ₹72,676 crore in the same period a year ago.

The bank’s gross non-performing assets (NPA) of the total advances fell to 2.76% at June-end from 3.91% a year ago.

Similarly, net NPAs also eased to 0.71% in June 2023, as against 1% a year ago.

On a consolidated basis, SBI’s net profit also rose over two-fold to ₹18,537 crore, as against ₹7,325 crore in the same quarter a year ago.

The total income increased to ₹1,32,333 crore in the quarter under review, as compared to 494,524 crore in the first quarter of the previous fiscal.

During the quarter, the bank infused ₹489.67 crore in its non-life insurance venture SBI General Insurance, it said, adding ₹82.16 crore was infused in eight Regional Rural Banks (RRBs).