Kochi: State Bank of India (SBI) reported a 14.28 percent increase in net profit to Rs 23,038 crore in the second quarter of the current financial year compared to the same quarter of the previous year . The bank’s operating profit also rose to Rs 34,226 crore during the same period, an annual growth of 7.28 percent.
Additionally, net interest income grew by 14.69 per cent to Rs 49,143 crore. As per the half-yearly figures, the bank’s return on assets was 1.14 per cent and return on equity was 18.68 per cent.
The bank’s total business reached around Rs 115 lakh crore. Total deposits grew by 12.27 per cent year-on-year to Rs 63 lakh crore. Total loans disbursed by the bank grew by 17.84 per cent year-on-year to Rs 52 lakh crore.
Domestic loans grew by 16.94 percent and foreign loans by 13.84 percent in dollar terms. Retail personal loans grew by 14.54 percent, corporate loans by 16.12 percent, agricultural loans by 22.64 percent and SME loans by 21.97 percent .
The bank’s asset quality has also improved significantly. Gross non-performing assets (NPAs) have declined by 34 basis points to 1.39 percent compared to the previous year. Net non-performing assets (NPAs) have declined by 6 basis points to 0.36 percent.
The bank’s capital adequacy ratio at the end of the second quarter was 16.09 percent. The provision coverage ratio is currently 74.43 percent, the bank said .
