SBI logs highest-ever quarterly profit in the 2nd quarter (Banking)

SBI logs highest-ever quarterly profit in the 2nd quarter (Banking): The country’s largest bank, State Bank of India (SBI), has reported its highest-ever quarterly profit of 13,265 crore rupees for the second quarter that ended on September 30th. The bank’s quarterly profit is 74% higher than the 7,627 crore rupees reported in the previous year.

News Highlights

• State Bank of India reported its highest-ever quarterly profit of Rs 13,265 crore for the September quarter of FY23, up 74% year on year, boosted by robust loan sales, higher interest income, and lower provisions.
• More than one-fourth of total income, came from investment gains, though the bank has not booked profit on government securities in which it has an additional exposure of more than Rs 3.85 lakh crore.
• The bank’s asset quality improved, with gross non-performing assets (NPAs) falling by 138 basis points (bps) to 3.52 percent from 4.90 percent a year ago, and net NPAs nearly halving to 0.80 percent of advances from 1.52 percent the previous year. As a result, provisions for bad loans decreased.
• Gross NPAs fell by 13.83 percent, while net NPAs fell by 36.5 percent.
• A busy season was the reason for the record loan sales in the second quarter.

About SBI

• State Bank of India is the largest commercial bank in terms of assets, deposits, branches, clients, and personnel.
• It is the country’s largest mortgage lender, having helped over 30 lakh Indian families realise their dream of owning a home.
• SBI also has the most Facebook and Twitter followers of any bank in the world.
• SBI has several taglines, including “A Bank Of The Common Man,” “Pure Banking Nothing Else,” “The Banker To Every Indian,” “The Nation Banks On Us,” “With You All The Way,” and “You Can Always Bank On Us.”
• Dinesh Kumar Khara is the current chairman of the State Bank of India. He has been the chairman of SBI since October 7, 2020.
• The normal term of office is three years, but it can be extended by another two years. Only the terms of Raj Kumar Talwar and Arundhati Bhattacharya as chairpersons were extended.
• Arundhati Bhattacharya was the first female chairperson of SBI and remains the only woman in that position to this day.
• Its headquarters is in Mumbai.