SBI Q2 Results: PAT jumps 28% YoY to Rs 18,331 crore, beats estimates

India's largest public sector bank, State Bank of India (SBI), beat earnings estimates by a wide margin, reporting a profit of Rs 18,331 crore, up 28% year-on-year (YoY).

An ET Now poll had estimated the profit to be around Rs 15,550 crore.

Net interest income for the quarter rose 5% YoY to Rs 41,620 crore, compared to Rs 39,500 crore in the same period last year.


The pre-provision operating profit increased 51% YoY to Rs 29,294 crore in the July-September 2024 period, compared with Rs 19,417 crore in the corresponding period last year.

The NII growth, which was largely in line with estimates, is slower than the average loan growth due to the rise in the cost of deposits outpacing the yield on advances.

The net interest margin (domestic) during the quarter declined by 16 basis points to 3.27%, compared with 3.43% a year ago.

The gross advances during the second quarter rose 15% YoY to Rs 39.2 lakh crore, while the deposit growth was much lower at 9% YoY at Rs 51.17 lakh crore.

Credit costs during the quarter rose by 16 bps YoY to 0.38%, compared with 0.22% a year ago. The figure stood at 0.48% in the preceding June quarter.

The Capital Adequacy Ratio (CAR) at the end of the second quarter stood at 13.76%, with a CET-1 ratio of 9.95% and a tier-1 ratio of 11.32%.

On Friday, SBI shares were trading nearly 3% lower at Rs 834.6 on the NSE.