National/Alive News: State Bank of India (SBI), the country’s largest public-sector lender, reported a 14% year-on-year increase in net profit to ₹23,038 crore for the July-September quarter (Q2). The bank had posted a net profit of ₹20,160 crore in the corresponding quarter of the previous financial year.
The bank also recorded strong growth in its net interest income (NII), which increased by around 15% to ₹49,142 crore during the quarter, compared with ₹42,847 crore in the same period last year. NII represents the difference between the interest earned by a bank on loans and other advances and the interest it pays on deposits and borrowings.
SBI Shares Gain After Quarterly Results
Following the announcement of its quarterly results, SBI shares gained around 1% during trading on Tuesday, reaching ₹995. The stock has delivered a 4% return over the past month and a 5% gain over the last year. However, it has declined by approximately 7% over the past six months. The bank’s market capitalisation currently stands at around ₹9.15 lakh crore.
SBI’s Nationwide and Global Presence
Established on July 1, 1955, SBI is headquartered in Mumbai and is the country’s largest government-owned bank. The Government of India holds a 55.5% stake in the lender.
SBI operates an extensive banking network, with more than 22,500 branches and over 50 crore customers. Its international operations span 29 countries, where it maintains 241 branches outside India.
