LIC posts fall of 3.8% in profit in Q2FY25
LIC's profit after tax fell to 76.21 billion rupees ($903.6 million) for the quarter ended September from 79.25 billion rupees a year earlier.
State Bank of India (SBI) on Friday reported 28 per cent spike in net profit at Rs 18,331 crore for the quarter ended September 30, 2024. In the year ago period, it reported net profit of Rs 14,330 crore. On a sequential basis, SBI’s Q2 profit rose 7.6 per cent from Rs 17,035.16 crore.
SBI’s net interest income came in at Rs 41,620 crore for the quarter under review, as against a NII of Rs 39,500 crore in Q2 FY24, clocking a Y-o-Y growth of 5.3 per cent. The bank’s Chairman ,CS Setty, during the post -earning press conference said that the deposits for the system is to grow by 11- 13 per cent and credit by 13 -14 per cent.
Over the April – June quarter of the current year (Q1 FY25), the NII was nearly unchanged versus Rs 41,125.5 crore quarter-on-quarter (Q-o-Q). SBI’s net interest margin (NIM), however, compressed by 16 basis points (bps) Y-o-y and 8 bps Q-o-Q to 3.27% in Q2 FY25. NIM was 3.43 per cent and 3.35 per cent in Q2 FY24 and Q1 FY25, respectively.
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Gross non-performing asset (NPA) of the bank reduced by 4.14 per cent in the second quarter of the current financial year to Rs 83,369 crore, from Rs 84,226 crore in a quarter ago period and Rs 86,974 crore in a year ago period.Domestic corporate loans grew 18.35 per cent Y-o-Y and 1.6 per cent Q-o-Q to Rs 11,57,171 crore. Domestic retail personal loans, on the other hand, improved 12.32 per cent on year to Rs 13,96,624 crore. Over the June quarter, retail loans climbed just 2 per cent.
Of the personal loan pie, home loans were Rs 7,64,141 crore at the end of Q2 FY25, up 13.66 per cent on year and 3.3 per cent Q-o-Q.
SBI’s total provisions and contingencies buffer (net of write-off) were Rs 4,505.7 crore in Q2 Fy25, up from Rs 115.28 crore seen in the corresponding quarter of the last fiscal year, and Rs 3,449.4 crore set aside in Q1 FY25.
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