SBI's Q2 profit jumps 23% to Rs 19,782 crore

State Bank of India (SBI), the country's largest lender, on Thursday reported a 23 per cent jump in its net profit to Rs 19,782 crore for the second quarter ended September 2022, driven by higher net interest income and fee income.

The bank's net interest income (NII) rose by 15 per cent to Rs 36,141 crore in the July-September quarter, as against Rs 31,508 crore in the same quarter of the previous fiscal.

SBI's fee income also increased by 10 per cent to Rs 8,341 crore in Q2FY23, from Rs 7,582 crore in Q2FY22.

The bank's asset quality improved as its gross non-performing assets (NPA) ratio came down to 3.97 per cent of the gross advances at the end of September 2022, from 4.60 per cent in the previous quarter.

The net NPA ratio also declined to 1.09 per cent from 1.33 per cent in Q1FY23.

SBI's provisions for bad loans and contingencies fell by 22 per cent to Rs 4,575 crore in Q2FY23, compared to Rs 5,874 crore in Q2FY22.

The bank's capital adequacy ratio (CAR) stood at 13.73 per cent, well above the regulatory requirement.