State Bank of India (SBI) reported a nearly unchanged standalone net profit of Rs 17,035 crore for Q1 FY24, compared to Rs 16,884 crore a year earlier. Total income increased to Rs 1,22,688 crore from Rs 1,08,039 crore, driven by higher interest income of Rs 1,11,526 crore. Gross NPAs declined to 2.21% from 2.76%, and net NPAs eased to 0.57% from 0.71%. On a consolidated basis, net profit rose to Rs 19,325 crore. SBI plans to raise up to Rs 25,000 crore through bonds, pending approvals. Investors should note the bank’s solid income growth and improving asset quality.
