SBI reports 35% decline in Q3 net profit at ₹9,164 crore

The country’s largest lender SBI on Saturday reported a 35 per cent fall in standalone net profit to ₹9,164 crore for the December quarter.

State Bank of India (SBI) had earned a net profit of ₹14,205 crore in the year-ago period.

The bank’s total income rose to ₹1,18,193 crore in the third quarter of the ongoing fiscal as against ₹98,084 crore in the same period a year ago, the bank said in a regulatory filing.

During the quarter, the bank earned interest income of ₹1,06,734 crore as against ₹86,616 crore in the same period a year ago.

The bank’s gross Non-Performing Assets (NPA) of the total advances declined to 2.42 per cent at December-end from 3.14 per cent at the end of the third quarter of last year.

Similarly, net Non-Performing Assets (NPAs) also eased to 0.64 per cent against 0.77 per cent at the end of the same period a year ago.

On a consolidated basis, SBI Group’s net profit slipped 29 per cent to ₹11,064 crore as against ₹15,477 crore in the same quarter a year ago.

However, total income increased to ₹1,53,072 crore as compared to ₹1,27,219 crore in the first quarter of the previous fiscal.

During the quarter under review, the bank acquired the entire 20 per cent stake held by SBI Capital Markets Ltd (SBICAPS) in SBI Pension Funds Pvt Ltd.

With this, the bank’s stake in SBI Pension Funds Pvt Ltd has increased from 60 per cent to 80 per cent, it said, adding that the consideration paid for the transaction is ₹229.52 crore.