SBI reports 178% increase in net profits in the April-June 2023 quarter

New Delhi: Lender State Bank of India (SBI) reported a 178 per cent rise in its net profit to Rs 16,884 crore in the April-June 2023 quarter against Rs 6,068 crore reported same period last year.

The state-owned lender’s net interest income during the quarter rose by 24.71 per cent to Rs 38,905 crore. It was at Rs 31,196 same quarter of last year.

Its agri and corporate loans registered YoY growth of 14.84 per cent and 12.38 per cent, respectively, during the quarter.

In other news, SBI earlier this week raised Rs 10,000 crores at a rate of 7.54 per cent through its third infrastructure bond issuance.

The proceeds of today's bonds will be utilised in enhancing long-term resources for funding infrastructure and the affordable housing segment, SBI had said. The tenor of these bonds is 15 years, it said.

Prior to this, the Bank had raised infrastructure bonds of Rs. 9,718 crores on January 19, 2023.