India’s biggest bank, the State Bank of India, makes a new record. SBI has set a new record. Now, thanks to this, the possibilities of his stock becoming a rocket have increased. The bank has released the results of the July-September quarter, and in these 3 months it has earned a profit of Rs 220 crore every day.
Many banks, including SBI, were worried about the decrease in deposits during this period, but SBI has earned such a tremendous profit despite all the problems. SBI is not only the largest government bank in the country but also the largest bank overall.
Profit increased by 23 percent
According to the information shared by the State Bank of India, its consolidated net profit increased by 23 percent to Rs 19,782 crore in the second quarter (July-September) of the current financial year 2024-25. The bank’s profit in the same quarter of the previous financial year was Rs 16,099 crore.
During this period, SBI’s net profit on a single basis has been Rs 18,331 crore. It was Rs 14,330 crore in the same quarter last year. Whereas in the previous quarter, April-June, it was Rs 17,035 crore.
Bank’s income also increased
The bank’s income has also increased tremendously in July-September; the total income of the bank increased to Rs 1.29 lakh crore. It was Rs 1.12 lakh crore in the same period a year ago. During this time, the expenses of the bank have also increased. It has been Rs 99,847 crore. It was Rs 92,752 crore in the same quarter of the previous financial year.
The bank also makes provisions in the accounts for its stranded debt (NPA). This time in the July-September quarter, it almost doubled from Rs 1,814 crore to Rs 3,631 crore. At the same time, the bank’s NPA ratio of the bank’s distributed loans declined to 2.13 percent from 2.21 percent in the quarter ended June 30.
This stock can become rocket
During the same quarter, CS Shetty has been appointed as the new chairman of SBI. On Friday, SBI’s share price fell 2.15 percent to close at Rs 841.10. In the last five days, it has gained 3.32 percent. These results may have an impact on the bank’s stock in the coming week, and they can become rockets.
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