SBI on Saturday reported a quarterly net profit of Rs 17,035 crore

Business Business: Country’s largest lender State Bank of India (SBI) on Saturday reported a net profit of Rs 17,035 crore for the June 2024 quarter, up 0.9 per cent from Rs 16,884.29 crore a year ago. Its board has also approved raising funds of Rs 25,000 crore. The state-owned bank’s net interest income (NII) stood at Rs 41,125 crore during April-June 2024. “The central board has approved raising funds in rupees and/or USD by issuing Basel-III compliant additional tier-1 bonds and tier 2 bonds to Indian and/or foreign investors up to Rs 25,000 crore during FY25, subject to approval of the Government of India, wherever required,” SBI said in a regulatory filing. SBI said in a regulatory filing that the bank’s total income in the first quarter rose to Rs 1,22,688 crore from Rs 1,08,039 crore a year ago. During the quarter, the bank earned interest income of Rs 1,11,526 crore compared to Rs 95,975 crore in the year-ago period. Similarly, its net NPA also declined to 0.57 per cent in June 2024 from 0.71 per cent a year ago. On a consolidated basis, SBI’s net profit rose marginally to Rs 19,325 crore as against Rs 18,537 crore in the same quarter of the previous fiscal. At the same time, its total income rose to Rs 1,52,125 crore as against Rs 1,32,333 crore in the same period of the previous fiscal.