State Bank of India, the country's largest lender, on Friday reported a near three-fold jump in first-quarter profit, led by a surge in net interest income, healthy loan growth and lower provisions.

Net profit was at a record 168.84 billion rupees ($2.04 billion) for the quarter ended June 30, compared with 60.68 billion rupees a year earlier.

Net interest income, the difference between interest earned and paid out, rose 24.7% to 389.05 billion rupees, while net interest margin, a key indicator of a bank's profitability, rose to 3.47% from 3.23% a year ago.

However, slippages more than doubled to 76.59 billion rupees sequentially, primarily from small and medium enterprises and agriculture lending.

Rivals HDFC Bank and ICICI Bank have reported double-digit net interest income growth for the fiscal first quarter.

Indian banks have been reporting double-digit credit growth in recent months, driven by rising consumption, even as the Reserve Bank of India raised interest rates.

SBI's corporate lending book pipeline stands at 3.5 trillion rupees, Chairman Dinesh Kumar Khara said in a news conference. Khara expects credit growth of 15% this fiscal year.

The bank's gross loans increased 13.9% from a year earlier, while deposits climbed 12%, led by term deposits that offer better returns.

Provisions and contingencies fell 43% from a year ago to 25.01 billion rupees.

SBI's gross non-performing assets (NPA) ratio - a key metric of asset quality - fell to 2.76% from 2.78% in the previous quarter and 3.91% a year ago. The net NPA ratio rose to 0.71% from 0.67% in the prior three months.

The bank expects its net NPA ratio to fall to 0.5% in the next few quarters, Khara said.

SBI's shares, which have lost 6.6% this year, ended 2.9% down.

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State Bank of India, the country's largest lender, on Friday reported a near three-fold jump in first-quarter profit, led by a surge in net interest income, healthy loan growth and lower provisions.

State Bank of India, the country's largest lender, on Friday reported a near three-fold jump in first-quarter profit, led by a surge in net interest income, healthy loan growth and lower provisions. Net profit was at a record 168.84 billion rupees ($2.04 billion) for the quarter ended June 30, compared with 60.68 billion rupees a year earlier. Net interest income, the difference between interest earned and paid out, rose 24.7% to 389.05 billion rupees, while net interest margin, a key indicator of a bank's profitability, rose to 3.47% from 3.23% a year ago. However, slippages more than doubled to 76.59 billion rupees sequentially, primarily from small and medium enterprises and agriculture lending. Rivals HDFC Bank and ICICI Bank have reported double-digit net interest income growth for the fiscal first quarter. Indian banks have been reporting double-digit credit growth in recent months, driven by rising consumption, even as the Reserve Bank of India raised interest rates. SBI's corporate lending book pipeline stands at 3.5 trillion rupees, Chairman Dinesh Kumar Khara said in a news conference. Khara expects credit growth of 15% this fiscal year. The bank's gross loans increased 13.9% from a year earlier, while deposits climbed 12%, led by term deposits that offer better returns. Provisions and contingencies fell 43% from a year ago to 25.01 billion rupees. SBI's gross non-performing assets (NPA) ratio - a key metric of asset quality - fell to 2.76% from 2.78% in the previous quarter and 3.91% a year ago. The net NPA ratio rose to 0.71% from 0.67% in the prior three months. The bank expects its net NPA ratio to fall to 0.5% in the next few quarters, Khara said. SBI's shares, which have lost 6.6% this year, ended 2.9% down. WATCH WION LIVE HERE You can now write for wionews.com and be a part of the community. Share your stories and opinions with us here.

State Bank of India Q1 profit nearly triples to all-time high

Mankind Pharma Ltd., one of India's leading pharmaceutical companies, has achieved a remarkable milestone in its latest quarterly results. Its profit has soared by a staggering 66 per cent during the April-June quarter, reaching a remarkable $60 million.

The surge in profit was fueled by robust domestic sales and remarkable expansion in the chronic drug segment. Mankind Pharma's impressive revenue rose by 8.3 per cent, reaching almost $311 million&nbsp;in the April-June quarter.

This substantial revenue and profit growth comes after the company's successful listing in May 2023.&nbsp;

The company's pharma segment outperformed the Indian pharma market by 1.5x,&nbsp;led by volume growth and highest ever chronic (drugs) share. Notably, the share of chronic drugs segment in&nbsp;domestic sales rose to 36 per cent&nbsp;in the April-June quarter.&nbsp;

The revenue from the domestic business rose 13.6 per cent to reach $292 million&nbsp;in the quarter that ended on June 30.&nbsp;

The company's&nbsp;consumer healthcare business division, home to brands like Manforce and Prega News, recorded a rise of 7.8 per cent in total revenue, amounting to $25 million.

The Manforce condom brand competes alongside global giants like Durex from Reckitt Benckiser Group and Skore from TTK Group.

Looking forward, the company's focus remains on distinctive filings, including important market in-licensing. The new integrated bulk medicine and formulation production factory is scheduled to open in September. The firm is also looking at exporting dydrogesterone&nbsp;to important markets.

Dydrogesterone is a progestogen that is used to treat progesterone shortages or irregular periods in women, as well as other symptoms caused by excessive estrogen activity.

Mankind Pharma's stocks have surged by a remarkable 61 per cent&nbsp;from the initial offer price of $13.07, highlighting investor confidence.&nbsp;

(With inputs from agencies)

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Mankind Pharma Ltd., one of India's leading pharmaceutical companies, has achieved a remarkable milestone in its latest quarterly results. Its profit has soared by a staggering 66 per cent during the April-June quarter, reaching a remarkable $60 million.

Mankind Pharma Ltd., one of India's leading pharmaceutical companies, has achieved a remarkable milestone in its latest quarterly results. Its profit has soared by a staggering 66 per cent during the April-June quarter, reaching a remarkable $60 million. The surge in profit was fueled by robust domestic sales and remarkable expansion in the chronic drug segment. Mankind Pharma's impressive revenue rose by 8.3 per cent, reaching almost $311 million in the April-June quarter. This substantial revenue and profit growth comes after the company's successful listing in May 2023. The company's pharma segment outperformed the Indian pharma market by 1.5x, led by volume growth and highest ever chronic (drugs) share. Notably, the share of chronic drugs segment in domestic sales rose to 36 per cent in the April-June quarter. The revenue from the domestic business rose 13.6 per cent to reach $292 million in the quarter that ended on June 30. The company's consumer healthcare business division, home to brands like Manforce and Prega News, recorded a rise of 7.8 per cent in total revenue, amounting to $25 million. The Manforce condom brand competes alongside global giants like Durex from Reckitt Benckiser Group and Skore from TTK Group. Looking forward, the company's focus remains on distinctive filings, including important market in-licensing. The new integrated bulk medicine and formulation production factory is scheduled to open in September. The firm is also looking at exporting dydrogesterone to important markets. Dydrogesterone is a progestogen that is used to treat progesterone shortages or irregular periods in women, as well as other symptoms caused by excessive estrogen activity. Mankind Pharma's stocks have surged by a remarkable 61 per cent from the initial offer price of $13.07, highlighting investor confidence. (With inputs from agencies) WATCH WION LIVE HERE

Mankind Pharma reports 66% surge in Q1 profit

US chip maker intel announced its worst-ever quarterly results. Intel's losses come after personal computer and data centre sales dropped steeply amid a gloomy global economic backdrop.

Intel reports worst quarterly results

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State Bank of India Q1 profit nearly triples to all-time high

Mankind Pharma reports 66% surge in Q1 profit

Intel reports worst quarterly results