SBI Hits Profit Surge Amid Leadership Transition

SBI reported a 23% rise in consolidated net profit, reaching Rs 19,782 crore for Q3 2024. The bank's standalone profit also increased, and total income rose amid leadership changes. Despite the financial success, provisions for bad assets doubled, and the SBI stock saw a slight dip.

On Friday, SBI reported a notable 23% increase in consolidated net profit, amounting to Rs 19,782 crore for the quarter ending September 30, 2024. This marks a significant rise from the Rs 16,099 crore recorded during the same period the previous year.

Operating independently, India's largest lender, SBI, posted a net profit of Rs 18,331 crore, surpassing the Rs 14,330 crore of last year and Rs 17,035 crore in the last quarter. Under new chairman C S Setty, total income soared to Rs 1.29 lakh crore from Rs 1.12 lakh crore year-on-year.

Despite the financial gains, provisions for bad assets rose sharply to Rs 3,631 crore, and gross non-performing assets stood at 2.13%. The SBI scrip was down 1.60% at Rs 845.50 on the BSE against a smaller market dip.

(With inputs from agencies.)