SBI Reports Robust Q2 Growth, Driven by Strategic Moves and Stake Sales
The State Bank of India reported a 6.84% rise in its consolidated net for Q2, boosted by a stake sale in Yes Bank. Growth in various loan sectors and strategic fiscal initiatives bolstered its overall business value to Rs 100 lakh crore. The bank anticipates further growth driven by firm credit engagements.
- Country:
- India
The State Bank of India (SBI) has reported a commendable 6.84% surge in its consolidated net income for the September quarter, amounting to Rs 21,137 crore, attributed primarily to significant gains from a stake sale in Yes Bank valued at Rs 4,593 crore.
Chairman C. S. Setty highlighted that SBI's business has crossed the Rs 100 lakh crore mark, propelled by various strategic financial decisions including the upward revision of credit growth targets and a notable rise in non-interest income. The bank aims for a 12-14% credit growth target by FY26.
Despite a robust performance in several sectors, restrictions due to reduced net interest margins were noted. However, with a pipeline of funded loans worth Rs 7 lakh crore, SBI stands poised for continued corporate loan growth and investments.
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