SBI Q3 results: Net Profit stands at Rs 9,164 crore down by 35% of previous year

by Psu Connect
Date: 03-02-24

The bank has earned Rs 105,733.78 crore in interest income in the reported quarter increasing sufficiently 22 percent from Rs 86,616.04 crore reported by Bank previously.

SBI Q3 results: Net Profit stands at Rs 9,164 crore down by 35% of previous year

The largest lender of the nation State Bank of India has today released the data of its quarterly result for the October-December period which reported a standalone net profit of nine months at Rs 40,378 crores significantly improving over 20 percent from the previous fiscal year's figure at Rs 33,538 crores.

The bank has earned Rs 105,733.78 crore in interest income in the reported quarter increasing sufficiently 22 percent from Rs 86,616.04 crore reported by Bank previously. The Net Interest Income [NII] for Q3FY24 increased by 4.59 percent year on year while operating profit for Q3FY24 stood at Rs 20,336 crores.

Net profit is reported at Rs 9,164 crores for the third quarter while net interest margins for nine months consecutively decreased by 1 bp Year on Year to 3.28 percent. The RoA [ return on assets] for the third quarter stood at 0.62 percent and returns on equity stood stands at 19.47 percent. The reported credit growth stands at 14.38 percent year-on-year with domestic advances growing by 14.47 percent year-on-year while corporate advances and SME advances cross the Rs 10 lakh crores and 4 lakh crore mark, respectively.

The gross NPA ratio stood at 2.42% improving by 72 bps year on year while the Net NPA ratio at 0.64% improved by 13 bps year on year. The whole bank deposits grew at 13.02% year on year whereas CASA deposits alone grew by 4.48% year on year.

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The CASA ratio stood at 41.18% as of 31 December 2023. Credit Cost for the third quarter remained flat year on year at 0.21% while Capital Adequacy Ratio [CAR] stands at 13.05%.