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SBI net profit stagnant at ₹17K cr
The Morning Standard
|August 04, 2024
Provisions against aging loans grew, rising fund cost that jumped 23.4% crimped margins
THE country's The State Bank of India, country's largest lender, has reported a 0.89% rise in net income year-on-year to 17,035 crore in the the June quarter, but fell by a steep 17.7% sequentially, as provisions against aging loans grew while the rising fund cost that jumped 23.4% crimped margins.
Chairman Dinesh Kumar Khara told reporters here on Saturday that the net interest margins fell 12 bps to 3.35% as the bank has been paying more for its funds by way of fixed deposits. But he said that the bank will be able to maintain the margins at 3.23.4% range in the reminder of the fiscal.
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