SBI's Strategic Gains: Profit Soars Amid Stake Sale Boost
State Bank of India reported a significant net profit increase for the September quarter, driven by a stake sale in Yes Bank. Despite muted net interest income growth, strategic measures have been taken to enhance credit growth prospects. The bank aims to achieve over 10% corporate loan growth in H2FY26.
- Country:
- India
In a boost to its financial standing, the State Bank of India (SBI) revealed a consolidated net profit increase of 6.84%, amounting to Rs 21,137 crore for the September quarter, significantly bolstered by a Rs 4,593 crore gain from its stake sale in Yes Bank.
SBI Chairman C S Setty highlighted a 10% rise in the bank's overall profit for the July-September quarter, marking progress from Rs 18,331 crore the previous year to Rs 20,160 crore. This milestone positions SBI as the 43rd-largest global lender by assets, with its business reaching Rs 100 lakh crore.
SBI's core net interest income saw moderate growth of 3.28% due to a marginal net interest margin compression. As policy adjustments, like GST rationalization and income tax reforms, fuel optimism, SBI projects a strong credit growth outlook for FY26.
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