SBI Q3 Result: State Bank of India (SBI) on Saturday reported a 62.26 per cent year-on-year growth in standalone net profit to Rs 8,431.88 crore as compared to Rs 5,196.22 crore in the corresponding quarter of the previous year. The sharp rise in the lender’s bottomline was at Rs 6,974 crore in provisions with a fall of 32.6 per cent. While over provision declined year-on-year, loan-loss provision increased to Rs 3,096 crore in the quarter from Rs 2,290 crore in the year-ago period. Overall, the provisions relating to COVID-19 stood at Rs 6,183 crore, SBI said.
Total income also increased to Rs 78,352 crore during the quarter under review as against Rs 75,981 crore in the same period of 2020-21. On a consolidated basis, SBI Group reported a 51 per cent rise in net profit at Rs 9,692 crore during the quarter as against Rs 6,402 crore in the year-ago period.
Net interest income (NII) rose 6.48 per cent year-on-year to Rs 30,687 crore from Rs 28,820 crore. Net interest margin (NIM) rose by 6 basis points to 3.4 per cent in the December quarter, from 3.34 per cent in the same quarter last year.
The bank said the personal retail segment witnessed strong growth driven by home loans, express credit and other loans. Corporate and SME credit also picked up during the quarter.
Deposits for the quarter grew 8.83 per cent to Rs 38,47,794 crore, while gross advances grew 8.47 per cent to Rs 26,64,602 crore in the quarter under review. Out of this, retail personal advances grew by 14.57 per cent to Rs 9,52,189 crore.
The bank’s asset quality continued to improve as the gross non-performing assets ratio for the quarter stood at 4.5 per cent, as against 4.9 per cent in the previous three-month period.
Similarly, the net NPA ratio improved to 1.34 per cent for the quarter as against 1.52 per cent in the previous quarter. Slippages increased to Rs 2,334 crore during the quarter on a year-on-year basis, but fell short of analysts’ expectation of Rs 9,500 crore to Rs 11,000 crore. Sequentially, however, the decline in the December quarter was lower than the Rs 4,176 crore reported in the previous quarter. The slippage ratio stood at 0.37 per cent as against 0.66 per cent in the previous quarter.
Foreign exchange earnings were down 21 per cent at Rs 484 crore, miscellaneous income was down 17 per cent at Rs 1,929 crore and profit and loss on sale of investments was also down 46.45 per cent at Rs 514 crore. On the other hand, fee income increased by 7.45 per cent to Rs 5,747 crore.
read all breaking news, today’s fresh news And coronavirus news Here.
,