SBI Q3 result: Net profit jumps 68.5% to record Rs 14,205 crore
Published On: Friday, February 3, 2023 | By: Team KnowMyStock
State Bank of India (SBI) — the country's largest lender by assets — on Friday reported a 68.5 per cent jump in net profit to a record Rs 14,205.3 crore for the quarter ended December 2022 as against a net profit of Rs 8,432 crore in December 2021. On a quarter-on-quarter basis, the profit rose 7 percent from the PAT of Rs 13,265 crore reported in the September quarter of this financial year. whereas Net Interest Income (NII) jumped 24 percent on the year to Rs 38,068.8 crore. Earlier, Bloomberg had pegged NII for the Oct-Dec quarter at Rs 46,946 crore, and net profit at Rs 13,196 crore. The gross non-performing asset (NPA) ratio fell 136 bps YoY to 3.52 percent for the quarter, while net NPA was 57 bps down to 0.77 percent.
The bank's asset quality improved, reflected in its gross non-performing assets (NPAs) as a percentage of total loans, which contracted by 38 basis points sequentially to 3.14 percent. SBI reported credit growth of 17.6 percent for the October-December period compared with the year-ago period, with an expansion of 16.91 percent in domestic advances.
“The domestic advances growth was driven by retail personal advances followed by corporate advances,” the company said.
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