SBI profits rise 14% to ₹23,038 crore in Q2:Net interest income jumps 15%, bank shares gain 5% in a year

State Bank of India, the country’s largest public-sector bank, has released its results for the July-September quarter. The bank posted a total profit of ₹23,038 crore during the quarter, around 14% higher than the same period last year. The bank had reported a profit of ₹20,160 crore in that quarter. The bank’s main source of income is the interest earned on loans extended to customers. This is known as NII, or net interest income. The bank’s net interest income rose to ₹49,142 crore during the quarter, registering growth of around 15% compared with last year. It was around ₹42,847 crore last year. SBI shares rise 1% following results Following the results, SBI shares rose 1% today to trade at ₹995. They have risen 4% in one month and 5% in one year. The bank’s shares have fallen 7% over the past six months. SBI’s market capitalisation stands at ₹9.15 lakh crore. SBI is the country’s largest public-sector bank SBI is the country’s largest government-owned bank. The government holds a 55.5% stake in SBI. It was established on 1 July 1955. The bank is headquartered in Mumbai. The bank has more than 22,500 branches and over 50 crore customers. It operates in 29 countries worldwide. Outside India, it has 241 branches.