State Bank of India: Profit Soars Despite Economic Challenges

State Bank of India (SBI) saw a 23% increase in net profit for the September quarter, reaching Rs 19,782 crore. The surge stemmed from non-interest income and treasury profits. Despite a narrower net interest margin, SBI maintained strong advances and focused on deposit growth. Promising wealth management, SBI targets a fiscal year profit of Rs 1 lakh crore.

State Bank of India (SBI) has reported a remarkable 23% rise in consolidated net profit for the September quarter, amounting to Rs 19,782 crore. The increase was notably driven by gains in non-interest income and treasury profits, positioning SBI as a robust player in the financial sector.

On a standalone basis, SBI's net profit came in at Rs 18,331 crore, marking a significant leap from Rs 14,330 crore in the corresponding period last year. Despite the narrowing of the net interest margin to 3.14%, the bank saw a 15% rise in advances, with core net interest income growing by 5.37% to Rs 41,620 crore.

Maintaining a 14-16% target for advances growth, SBI is adjusting its deposit growth expectations to around 10%. The bank aims for cutting-edge strategies in wealth management, particularly targeting customers with a total relationship value between Rs 30-50 lakh to boost deposit accretion efforts.

(With inputs from agencies.)