Chennai, Aug 4 (IANS) India’s largest mortgage lender State Bank of India (SBI) on Friday said it has logged a higher net profit of Rs 16,884.29 crore for the first quarter of the current fiscal.

In a regulatory filing, the SBI said during the first quarter of FY24 it has earned a total income of Rs 108,038.83 crore (Q1FY23 Rs 74,988.57 crore) and a net profit of Rs 16,844.29 crore (Rs 6,068.08 crore).

For the period under review, the net interest income went up to Rs 38,905 crore (Rs 31.196 crore) and the net interest margin to 3.47 per cent from 3.23 per cent.

The gross advances stood at Rs 33,03,731 crore (Rs 29,00,636 crore) and the total deposits at Rs 45,31,237 crore (Rs 40,45,696 crore).

The gross non-performing assets (GNPA) as on June 30 stood at Rs 91,327.84 crore (Rs 1,13,271.72 crore) and the net NPA stood at Rs 22,995.37 crore (Rs 28,257.92 crore).

According to the SBI, during the first quarter it had transferred three loan accounts where the principal outstanding was Rs1,436.59 crore to asset reconstruction company for a consideration of Rs 531 crore.