SBI posts 9.13% rise in consolidated net profit to Rs 16,099 Cr in Q2

The country's largest lender State Bank of India (SBI) has reported a 9.13% rise in consolidated net profit for the September quarter. The net profit currently stands at Rs 16,099.58 crore. The state-run lender had reported a consolidated net profit of Rs 14,752 crore in the year-ago period and Rs 18,356 crore in the June quarter.

On a standalone basis, SBI posted a net profit of Rs 14,330.02 crore as against Rs 13,264.52 crore in the year-ago period.

The bank, which controls over a fifth of the overall market and has the widest network in the country, reported a total income of over Rs 1.12 lakh crore for the quarter under review, up from Rs 88,733 crore in the year-ago period.

From an asset quality perspective, its gross non-performing assets ratio was at 2.55% as of September 30, an improvement from the 3.52% in the year-ago period and the 2.76% in the first quarter of the current fiscal.

Its overall capital adequacy stood at 14.28% as of September 30.

In June this year, in its annual report posted on stock exchanges, SBI had stated that it would be deploying the most advanced technologies--such as artificial intelligence (AI), machine learning (ML), and business analytics, among others, to augment its product offerings to enhance customer delight each time, without exception.