State Bank of India (SBI) on Saturday reported an almost flat standalone net profit at Rs 17,035 crore for the first quarter of the current financial year.

The country's biggest lender had posted a net profit of Rs 16,884 crore in the April-June quarter of 2023-24.

The bank's total income increased to Rs 1,22,688 crore in the first quarter against Rs 1,08,039 crore a year ago, SBI said in a regulatory filing.

During the quarter, the bank earned an interest income of Rs 1,11,526 crore compared to Rs 95,975 crore in the year-ago period.

The bank's gross non-performing assets (NPA) of the total advances declined to 2.21 per cent in the first quarter from 2.76 per cent at June-end last year.

Similarly, its net NPAs also eased to 0.57 per cent in June 2024 from 0.71 per cent a year ago.

On a consolidated basis, SBI's net profit rose marginally to Rs 19,325 crore against Rs 18,537 crore in the same quarter of the previous fiscal.

At the same time, its total income increased to Rs 1,52,125 crore compared to Rs 1,32,333 crore in the corresponding period of the preceding financial year.

Besides approving the results, the board also cleared proposals for raising funds in rupee or dollar by issuing Basel III compliant Additional Tier 1 Bonds and Tier 2 Bonds of up to Rs 25,000 crore to domestic and/or overseas investors during FY25.

The fundraising would be subject to the approval of the central government, wherever required, the lender said.

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