SBI Q3 net profit surges 62 percent to Rs 8,432 cr

New Delhi: The country’s largest lender State Bank of India (SBI) on Saturday posted 62 per cent jump in standalone net profit at Rs 8,432 crore for the third quarter ended December 31, 2021.

The bank had earned a net profit of Rs 5,196 crore in the year-ago period,

“Bank has registered its highest quarterly net profit of Rs 8,432 crore in Q3FY22. This represents an increase of 62.27 per cent YoY,” SBI said in a regulatory filing.

MS Education Academy

Total income also rose to Rs 78,352 crore during the quarter under review as against Rs 75,981 crore in the same period of 2020-21, it said.

On a consolidated basis, the SBI Group clocked 51 per cent increase in net profit at Rs 9,692 crore during the quarter as against Rs 6,402 crore in the year-ago period.

The bank’s asset quality improved as gross non-performing assets fell to 4.5 per cent of gross advances as of December 31, 2021 from 4.77 per cent by the year-ago same period.

However, net NPAs rose marginally to 1.34 per cent from 1.23 per cent at the end of the third quarter of 2020-21.

Provisions other than tax and contingencies for the quarter declined to Rs 6,974 crore from Rs 10,342 crore a year earlier.

Provision Coverage Ratio (PCR) as at the end of the third quarter this fiscal year stood at 88.32 per cent, it said.

“Capital Adequacy Ratio (CAR) as at the end of Q3FY22 stands at 13.23 per cent without including nine months profit for FY22. If we include profit of three quarters, the CAR will improve by 94 basis points,” it said.

Back to top button