SBI Q3 results: Profit jumps 41% to Rs 5,583 crore; asset quality shows big improvement
Percentage of net NPAs stood at 2.65 per cent compared with 3.95 per cent last year.
by ETMarkets.com
NEW DELHI: State Bank of India (SBI) on Friday posted 41.17 per cent year-on-year (YoY) rise in standalone profit at Rs 5,583.36 crore for the quarter ended December 31. This is the highest ever quarterly profit recorded by the public lender.
Analysts in an ET NOW poll had projected the number at Rs 5,800 crore.
Asset quality of the country’s largest lender by assets improved with gross non-performing assets falling to 6.94 per cent in the December quarter against 8.71 per cent in the corresponding period last year. The figure stood at 7.19 per cent in the sequential quarter.
Percentage of net NPAs stood at 2.65 per cent compared with 3.95 per cent last year.
Net interest income (NII) increased 22.42 per cent to Rs 27,778.79 crore during the quarter under review.
In absolute terms, gross NPAs declined to Rs 1.59 lakh crore from Rs 1.88 lakh crore. Likewise, net NPAs eased to Rs 58,248 crore from 80,943 crore during the period.
Slippages came in at Rs 16,525 crore, which included exposure of around Rs 7,000 crore to a large housing finance company.
Capital Adequacy Ratio (CAR) of the lender improved by 96 basis points to 13.73 per cent as on December 31.
Operating profit jumped 44.34 per cent to Rs 18,223 crore.
Shares of the lender jumped over 2 per cent and closed at Rs 318.55 after the announcement of quarterly numbers.