The bank had posted a standalone net profit of Rs 3,241.08 crore in the year-ago period.
On a consolidated basis, the bank's net profit increased 3.4 percent to Rs 4,448.15 crore for the quarter ended June 30, against Rs 4,298.56 crore in the year-ago period.
Total income on a standalone basis increased to Rs 40,739.21 crore during the quarter, against Rs 36,192.62 crore in the year-ago period, the bank said in a BSE filing.
Provision for bad loans increased to Rs 3,903.41 crore as against Rs 2,265.83 crore a year earlier, registering an increase of 72 percent.
The bank's gross non-performing assets (NPAs) declined to 4.90 percent of total advances at the end of June, against 5.56 percent a year-ago.
"Profitability pressures will continue if the economy doesn't pick up. We need the economy to move up to ensure profitability pressure comes down," SBI chairperson Arundhati Bhattacharya said.
During the quarter, the net interest income increased 15.12 per cent to Rs 13,252 crore as against Rs 11,512 crore in the April-June period of last fiscal.
On a blended level (domestic and international put together), the net interest margin of SBI slightly fell to 3.13 percent from 3.16 percent on account of a dip in international margin which stood at 1.08 percent, down from 1.49 percent in June last year.

However, the domestic NIM improved to 3.54 percent from 3.44 percent.
Bhattacharya said that the drop in international margins is due to of non-utilization of the USD 1.25 billion funds which it raised through medium term note issue in April.
On improved asset quality, Bhattacharya said, "Asset quality has a direct impact on profitability and if your asset quality improves it means good for profitability."
Shares of SBI on Friday closed down by 0.9 percent at Rs 2,415.25 apiece on the BSE.

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