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State Bank of India (SBI), a Fortune 500 firm, is a Mumbai-based statutory institution for public sector banking and financial services in India. SBI has a long history dating back more than 200 years, making it the bank that Indians have had the most faith in.

SBI, the largest Indian bank with a quarter of the market, serves over 48 crore customers through a sizable network of over 22,405 branches, 65,627 ATMs/ADWMs, and 76,089 BC outlets.

The country’s biggest bank SBI on Friday posted over a two-fold jump in standalone net profit at Rs 16,884 crore for the first quarter of the current financial year, helped by a decline in bad loans and an improvement in interest income.

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State Bank of India (SBI) had reported a net profit of Rs 6,068 crore in the April-June quarter of 2022-23.

The bank’s total income increased to Rs 1,08,039 crore in the first quarter of 2023-24, as against Rs 74,989 crore in the same period a year ago, as per the regulatory filing.

During the quarter, the bank earned interest income of Rs 95,975 crore, as against Rs 72,676 crore in the same period a year ago.

The bank’s gross non-performing assets (NPA) of the total advances fell to 2.76 per cent at June-end from 3.91 per cent a year ago.

Similarly, net NPAs also eased to 0.71 per cent in June 2023, as against 1 per cent a year ago.

On a consolidated basis, SBI’s net profit also rose over two-fold to Rs 18,537 crore, as against Rs 7,325 crore in the same quarter a year ago.

The total income increased to Rs 1,32,333 crore in the quarter under review, as compared to Rs 94,524 crore in the first quarter of the previous fiscal.

During the quarter, the bank infused Rs 489.67 crore in its non-life insurance venture SBI General Insurance, it said, adding Rs 82.16 crore was infused in eight Regional Rural Banks (RRBs).