SBI Q2 Results: Net profit rises 28% YoY to ₹18,331.4 crore, NII up 5.37%; 6 key highlights

SBI Q2 Results: Public sector lender State Bank of India (SBI) on Friday reported a standalone net profit of ₹18,331.44 crore for the quarter ended September 30, 2024 (Q2FY25), which was up by 27.92% over ₹14,330.02 crore reported by the company in the year-ago period (Q2FY24). Net interest income (NII) for the quarter ended September, increased by 5.37% year-over-year to reach ₹41,620 crore, up from ₹39,500 crore during the corresponding period last year.

The operating profit surged by 51% year-on-year to ₹29,294 crore in the period from July to September 2024, rising from ₹19,417 crore during the same period last year.

The company announced in an exchange filing that the domestic net interest margin for the September quarter fell by 16 basis points to 3.27%, down from 3.43% a year earlier.

Advances and Deposits

The gross advances in the second quarter increased by 15% year-on-year to reach ₹39.2 lakh crore, whereas the growth in deposits was significantly lower at 9% year-on-year, amounting to ₹51.17 lakh crore.

Asset Quality

The asset quality of SBI showed improvement on a sequential basis. In absolute terms, Gross NPA was recorded at ₹83,369 crore, down from ₹84,226 crore in June, while Net NPA decreased to ₹20,294 crore from ₹21,555 crore during the June quarter. For the September quarter, Gross NPA was at 2.13%, a decline from 2.21% in June, while Net NPA was at 0.53%, compared to 0.57% in the previous quarters.

Q2 Slippages

Gross slippages for the quarter fell to ₹4,951 crore, down from ₹8,707 crore in the June quarter. Recoveries and upgrades also saw a sequential decline, decreasing to ₹2,600 crore from ₹3,666 crore in June.

Capital Adequacy Ratio

The Capital Adequacy Ratio (CAR) was recorded at 13.76% at the conclusion of the second quarter, accompanied by a CET-1 ratio of 9.95% and a tier-1 ratio of 11.32%.

SBI share price today

Following the Q2 results today, SBI share price is trading nearly 2% lower at ₹843.20 apiece on BSE. Rajesh Bhosale, Equity Technical and Derivative Analyst at Angel One stated that SBI share prices have reacted to the result announcement and are down around 1.5%. The trend has been positive for this counter; however, how prices close post the result would be key. So far, 820 - 810 is a buying zone, and any closing above 860 would confirm the confirmation of recent up move.

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