Business

SBI Q2 Results: Net Profit Up 28%, Asset Quality Improves, Shares Dip 2%

State Bank of India (SBI), the country’s largest lender, reported its financial results for the September quarter, showcasing a solid 28% growth in net profit year-on-year. The bank’s Net Interest Income (NII) also saw a healthy 5.4% increase compared to the same period last year. On the asset quality front, SBI showed improvement, with both Gross Non-Performing Assets (NPA) and Net NPA declining sequentially. Gross NPA stood at 2.13%, down from 2.21% in the June quarter, while Net NPA dropped to 0.5%, compared to 0.57% in the previous quarter. These figures were better than the estimates of market analysts, including Motilal Oswal, who had expected Gross NPA to be at 2.16% and Net NPA at 0.55%.

However, despite the positive financial metrics, SBI’s shares ended the trading session 2% lower on Friday. This suggests a mixed market reaction to the results, with some investors likely cautious despite the better-than-expected performance on asset quality and profitability.

 

Kanika Sharma

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