State Bank of India (SBI), the country's largest lender, reported a 14.3 percent year-on-year rise in net profit to Rs 23,038 crore for the fiscal second quarter, aided by an exceptional gain of Rs 7,289 crore, compared with Rs 4,593 crore a year earlier. The profit exceeded the CNBC-TV18 poll estimate of Rs 22,859 crore.
The bank's net interest income (NII), the difference between interest earned and interest paid, rose 14.7 percent YoY to Rs 49,143 crore from Rs 42,847 crore a year earlier, also beating the CNBC-TV18 poll estimate of Rs 47,901 crore.
However, operating profit declined 1.4 percent YoY to Rs 26,937 crore from Rs 27,311 crore. State Bank of India reported an exceptional gain of Rs 7,289 crore during the quarter, compared with Rs 4,593 crore in the year-ago period.
SBI's asset quality improved sequentially, with the gross non-performing assets (GNPA) ratio declining to 1.39 percent from 1.47 percent in the June quarter. The net NPA ratio eased to 0.36 percent from 0.38 percent.
The bank said its gross NPA ratio was at its lowest level in more than two decades.