New Delhi: Country’s largest lender State Bank of India (SBI) reported a 62 per cent rise in net profit on a standalone basis to Rs 8,432 crore in the third quarter of the current fiscal. SBI said in a regulatory information given to the stock market on Saturday that the net profit of October-December 2021 quarter is its highest ever quarterly profit. Its net profit stood at Rs 5,196 crore in the year-ago quarter. Thus, its net profit increased by 62.27 percent in the third quarter on a year-on-year basis.
The bank said that its total income also increased to Rs 78,352 crore for the quarter ended December 31, 2021. It stood at Rs 75,981 crore in the October-December 2020 quarter. On a consolidated basis, SBI Group’s net profit jumped 51 per cent to Rs 9,692 crore in the December 2021 quarter as against Rs 6,402 crore in the year-ago period. SBI’s asset quality has also improved in the third quarter of the current financial year. Gross non-performing assets (NPAs) declined to 4.5 per cent as against 4.77 per cent in the same period a year ago.
read also
However, there has been a marginal increase in net NPAs. It was 1.23 percent in the third quarter of the year 2020-21, which increased to 1.34 percent in the same quarter of the current financial year. Provisions excluding tax and contingencies also declined to Rs 6,974 crore in the quarter. It was Rs 10,342 crore in the same period a year ago. The Provision Coverage Ratio (PCR) of the bank stood at 88.32 per cent. (agency)