SBI's Q3 net profit soars 62% to reach Rs 15,477 crore
India’s largest lender, State Bank of India, announced a 62% increase in its net profit, totalling to Rs 15,477 crore, for the quarter ending December 2022.
On a standalone basis, the lender’s net post-tax profit grew to Rs 14,205 crore during the October-December 2022 period, which was up from Rs 8,432 crore in the year-ago period and Rs 13,265 crore in the preceding July-September quarter.
The public sector lender’s total income grew to Rs 98,084 crore from Rs 78,351 crore in the year-ago period, while the operating expenses were up at Rs 24,317 crore from Rs 20,839 crore, as per an exchange filing.
The provisions for non-performing assets nearly halved to Rs 1,586 crore for the reporting quarter.
The gross non-performing assets ratio reduced to 3.14 per cent as against 3.52 per cent three months ago and 4.50 per cent in the year-ago period.
The SBI scrip gained 3.12 per cent to close at Rs 544.45 a piece on the BSE, as against a 1.52 per cent jump on the benchmark.
(With agency inputs)