SBI Q2 net jumps 6.84% on Yes Bank stake sale

The bank reported a 10% rise in standalone profit for Q2 to Rs 20,160 cr, up from Rs 18,331 cr in year-ago period

- OUR CORRESPONDENT

The State Bank of India (SBI) on Tuesday reported a 6.84 per cent jump in consolidated net for the September quarter at Rs 21,137 crore, helped by a gain of Rs 4,593 crore from its stake sale in Yes Bank.

‘The country’s largest lender reported a 10 per cent increase in the standalone profit for July-September quarter to Rs 20,160 crore, up from Rs 18,331 crore in the year-ago period.

Its chairman, C S Setty, said the bank’s overall business has touched Rs 100 lakh crore, and it is the 43rd-largest lender globally by assets.

Despite a 12.73 per cent growth in advances, its core net interest income grew by a muted 3.28 per cent to Rs 42,984 crore, limited by a 0.17 per cent compression in the net interest margin at 2.97 per cent.