SBI profit nearly triples to all-time high at Rs. 16,884 crore

State Bank of India, reported a whopping 178.25 per cent jump in the June quarter profit to Rs 16,884 crore on the back of a surge in treasury income, healthy loan growth, and lower provisions.

Net interest income — the difference between interest earned and interest expended — grew by 24.71 per cent to Rs 38,905 crore. Net interest margins from domestic operation swelled 24 basis points year-on-year (YoY) to 3.47 per cent. NIM for the quarter stood at 3.84 per cent due to interest on income from tax refund, which was not there in the April-June period.

Profit on sale of investments were Rs 3,847 crore during the quarter due to softening of bond yields, as compared to a loss of Rs 6,549 crore during the same period last year. Total non-interest income was Rs 12,603 crore against Rs 2,312 crore in the first quarter of the previous financial year.