SBI Q3 Result: The profit of the country’s largest public sector bank SBI has increased by 84 percent year-on-year to Rs 16,891 crore in the October-December period. However, at the end of trading, SBI shares on BSE closed at Rs 754 with a decline of 1.58 percent.
SBI Q3 Result: The country’s largest public sector bank SBI announced its December quarter results on Thursday (February 6). In the December quarter, the bank’s standalone profit has increased 84 percent year-on-year to Rs 16,891 crore. The bank had earned a profit of Rs 9,164 crore in the same period last year.
During this period, the bank’s interest income (NII) has increased 4 percent year-on-year to Rs 41,445.5 crore, which was Rs 39,816 crore in the same period last year. After the results, the shares came down further. At the end of trading, it closed at Rs 754 with a decline of 1.58 percent on the BSE.
The bank’s expenditure on employees has fallen by 17 percent to Rs 16,074 crore. SBI’s domestic loan has increased by 14.06 percent year-on-year. Provision has increased by 32.4 percent to Rs 911.06 crore compared to last year.
Decline in Gross NPA
SBI’s gross NPA has come down to 2.07 percent in the third quarter of the current financial year, which was 2.13 percent in the second quarter of the current financial year. However, during this period, there has been no change in the net NPA of the bank and it remains at 0.53 percent.
Credit growth was 13.49 percent on an annual basis
In the third quarter, SBI’s operating profit increased by 15.81 percent on an annual basis to Rs 23,551 crore. SBI’s credit growth was 13.49 percent on an annual basis. The bank’s gross advances have crossed the figure of Rs 40 lakh crore. SBI said in the filing that the deposits of the entire bank have increased by 9.81 percent on an annual basis. Current Account Saving Account (CASA) deposits have increased by 4.46 percent on an annual basis. At the end of the December quarter, the CASA ratio of the bank was 39.20 percent.
