The State Bank of India (SBI) Group has reported a significant decline of 35% in its net profit during the third quarter of the fiscal year 2024. The net profit stands at INR 11,064 crores, reflecting a notable decrease from INR 15,477 crores reported during the same quarter in the previous fiscal year. This dip comes despite an overall increase in total income, which rose from INR 1,27,219 crores in the first quarter of the last fiscal year to INR 1,53,072 crores in the current fiscal year.
1. SBI Financial Overview:
- Net Profit Decline: The net profit of the State Bank of India Group experienced a 29% reduction, amounting to INR 11,064 crores, compared to INR 15,477 crores in the corresponding quarter of the previous fiscal year.
- Total Income Increase: The total income of the bank witnessed growth, reaching INR 1,53,072 crores during the current fiscal year’s third quarter, as opposed to INR 1,27,219 crores reported in the same period of the last fiscal year.
2. Strategic Acquisition:
- State Bank of India’s Stake in SBICAP: During the review period, the bank acquired a full 20% stake in SBI Capital Markets Limited (SBICAP) within the State Bank of India Pension Funds Private Limited.
- Increased Ownership: This strategic move led to State Bank of India’s ownership in State Bank of India Pension Funds Private Limited rising from 60% to 80%, with a payment of INR 229.52 crores for the transaction.
3. Conclusion:
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Despite the dip in net profit, the State Bank of India remains a key player in the financial sector. The bank’s strategic acquisitions and increased ownership in SBICAP demonstrate a commitment to growth and expansion. As economic conditions continue to evolve, the SBI Group’s financial performance will be closely monitored. Interested readers can find further details in the official financial reports, ensuring a comprehensive understanding of the bank’s current standing in the fiscal landscape.
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