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SBI posts highest ever quarterly net profit of ₹8,432 crore in Q3

By Priyanka Verma 
Updated Date

New Delhi: India’s largest public lender State Bank of India on Saturday, February 5,reported a 62% year-on-year (YoY) rise in net profit to ₹8,431.9 crore for the quarter ended December.

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The bank has registered its highest quarterly net profit of Rs. 8,432 crores in Q3FY22, representing a surge of 62.27% compared with the corresponding period of the previous year.

The Net Interest Income (NII) of the government-run lender for third quarter of 2021-22 increased by 6.48% compared with the corresponding period of the previous year. The bank’s domestic non income margin (NIM) at 3.40%, has increased by 6 bps YoY. While the return on equity (RoE) as at the end of third quarter stands at 14.01% which is higher by 452 bps from last year.

The bank’s gross non-performing asset (NPA) ratio declined 4.50%, by 94 bps, while the net non-performing asset ratio at 1.34% dropped by 47 bps, taking into consideration proforma NPAs as on December last year. On an unadjusted basis, the gross NPA ratio is down by 27 bps and the net NPA ratio is up by 11 bps compared with the corresponding period of the previous year.

Home loan, which constitutes 24% of Bank’s domestic advances, has grown by 11.15% compared with the same period last year. Additionally, the growth in corporate and small and medium-sized enterprise (SME) segment has also picked up during the third quarter.

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The bank’s total deposits grew at 8.83% and the saving bank deposits grew by 10.30% during the third quarter. The current account deposits grew by 7.89% compared with the corresponding period of the previous year.

The operating profit increased by 6.86% to ₹18,522 crores in the current third quarter from ₹17,333 crores in the corresponding period of the previous year. Its whole bank advances grew by 8.47%, while domestic advances growth stood at 6.47% in the third quarter, driven by growth in personal retail advances at 14.57%. Additionally, its foreign office advances grew by 21.35% in the corresponding period.

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