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Net profit surges to Rs 14,330 crore, beats expectations : SBI Q2FY24
The Business Guardian
|November 06, 2023
The release of its Q2FY24 statistics, the State Bank of India (SBI) demonstrated a notable improvement in its financial performance. SBI announced an impressive 8% YoY increase in its standalone net profit for the September quarter, coming in at Rs 14,330 crore.
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Apart from the impressive profit statistics, the bank had significant rise in its net interest income (NII) for the quarter ended September 2023, rising by 12.3% YoY to Rs 39,500 crore. These outcomes have outperformed market expectations, indicating a robust performance in an adverse economic climate.
These results have exceeded market estimates, signifying a strong performance in a challenging economic environment.
However, it’s not just profit and NII that grabbed the spotlight. SBI’s domestic net interest margin (NIM) for Quarter 2 Financial Year 2024 (Q2FY24) came in at 3.43 per cent, indicating a YoY decline of 12 basis points.
This points to the intricacies of navigating the complex financial landscape.
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