State Bank of India, the country’s biggest lender, on Saturday reported an 8.03 per cent jump in its profit after tax (PAT) at Rs 14,330 crore in the quarter ended September compared to Rs 13,265 crore in the year-ago period even as net interest margin declined. However, net profit is down by 15 per cent from Rs 16,884 crore in the June quarter of FY2024.
Its net interest income (NII) grew by 12.27 per cent to Rs 39,500 crore compared to Rs 35,183 crore. The rise in NII was on the back of improvement on yields and continuing credit off take. Domestic net interest margin (NIM) declined by 12 basis points (bps) to 3.43 per cent due to an increase in cost of deposits during the quarter.
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