The country’s largest public sector bank, State Bank of India (SBI), announced its Q2 results for the year 2024. It has made a net profit (standalone net profit) of Rs 18,331 crore in the second quarter of the financial year 2024-25. It has increased by 28% on an annual basis. A year ago, in the second quarter of the financial year 2023-24, the company had a profit of Rs 14,330 crore.
The bank’s total income increased by 15.13%
In the July-September quarter, the bank’s total income increased by 15.13% year-on-year to Rs 1,29,141 crore, which was Rs 1,12,169 crore in the same quarter last year. It has increased by 5.26% as compared to the previous quarter. The bank’s income was Rs 1,22,687 crore in April-June.
Net interest income decreased by 5%
In the July-September quarter, SBI’s net interest income (NII) decreased by 5% on a year-on-year (YoY) basis to Rs 39,500 crore. In the same quarter last year, it was Rs 41,620 crore. It has also decreased by 4% compared to the April-June quarter. In Q1, it was Rs 41,125 crore.
What are standalone and consolidated results?
Companies’ results come in two parts – standalone and consolidated. In standalone, only the financial performance of one unit is shown. Whereas, the consolidated or consolidated financial report gives the report of the entire company.
SBI’s stock gave 45% return in one year
After the results, State Bank of India’s stock had fallen by more than 2%. The stock’s price ended at Rs 841.1 per share at the close of market on Friday. The company’s stock has given a return of 7.87% in the last one month, 3.97% in 6 months and 45.26% in one year. SBI’s stock has risen 31.43% this year i.e. from January 1 till now. The bank’s market cap is Rs 7.51 lakh crore.
