SBI Q1 2024-25 results: Net profit up 5.04%, net NPAs down by 6.26%, ₹25,000 crore bond fundraise approved
SBI recorded an increase in net profits along with a fall in NPAs during Q1 2024-25, with its board approving a ₹25,000 crore fundraising through bonds
State Bank of India Ltd has announced its first quarter results for the financial year 2024-25 on Saturday, August 3, 2024 and its board has also approved a ₹25,000 crore fundraising through bonds.
Also Read: US stock market plunges in recession fears, rising unemployment, tech stock fall
Also Read: Sinking AI darlings like Amazon and Intel drag Nasdaq 100 into correction zone
How much was SBI's interest income and net profit?
SBI recorded a net profit of ₹19,680.80 crore in Q1 2024-25, an increase of 5.04% or ₹944.85 crore, compared to ₹18,735.95 crore during Q1 2023-24 or the same quarter of the previous financial year.
The bank's income from interest was ₹1,18,242.38 crore, which is a ₹16,782.82 crore or 16.54% increase from ₹1,01,460.01 crore during the same quarter of the previous financial year.
Also Read: Higher stock market fluctuations cause more heart attack, stroke, suicide deaths
SBI's total income was ₹1,52,125.05 crore. This was an increase of 14.95% or ₹19,792.27 crore, compared to ₹1,32,332.78 crore earlier.
How much was SBI's expenses?
SBI posted total expenses worth ₹1,21,289.66 crore, compared to ₹1,04,024.57 crore earlier. This was an increase of ₹17,265.09 crore or 16.59%.
How much NPAs did SBI have?
SBI's gross NPAs fell by 7.77% or by ₹7,101.8 crore to ₹84,226.04 crore, compared to ₹91,327.84 crore during the previous financial year.
The percentage of gross NPAs to total loans reduced to 2.21%, compared to 2.76% earlier.
The bank's net NPAs fell by 6.26% or by ₹1,440.68 crore to ₹21,554.69 crore, compared to ₹22,995.37 crore during the previous financial year.
The percentage of net NPAs to total loans reduced to 0.57%, compared to 0.71% earlier.
What are the details of SBI's fundraising proposal?
SBI's board has also approved proposals to raise ₹25,000 crore through both domestic and foreign investors by issuing Basel III compliant Tier 1 Bonds and Tier 2 Bonds.
How did SBI shares perform?
SBI shares closed at ₹847.90 on the Bombay Stock Exchange (BSE) after the trading session on Friday, August 2, 2024. This was a decline of 1.72% or 14.85 points from the previous close.