Business Meridian
State Bank of India’s consolidated net profit rose 13.73 per cent to Rs 24,113 crore in the June quarter, supported by stronger core income and lower provisions. Standalone profit rose 10.23 per cent year on year to Rs 21,121.22 crore.
Net interest income increased nearly 15 per cent to Rs 46,992 crore and gross advances grew 18.63 per cent. The domestic net interest margin narrowed to 3 per cent, although it improved slightly from the previous quarter.
Non-interest income fell 9 per cent to Rs 15,293 crore, partly because foreign-exchange and derivatives income dropped sharply. Deposits grew 9.73 per cent and the low-cost current and savings share slipped to 39.36 per cent.
Fresh slippages were Rs 7,046 crore, below the year-earlier figure but above the March quarter. Gross non-performing assets improved to 1.47 per cent from 1.49 per cent in March and 1.83 per cent a year earlier.
SBI has set a 14–15 per cent credit-growth target for FY27 and raised $6 billion through the FCNR(B) window. The results show stronger operating income, but margins, deposits and asset quality remain important measures for the next quarters.