SBI’s net profit declined by 35% to Rs 9,164 crore
New Delhi: The country’s largest lender SBI on Saturday reported a 35 per cent decline in standalone net profit at Rs 9,164 crore for the December quarter.
State Bank of India (SBI) had posted a net profit of Rs 14,205 crore in the same period a year ago.
The bank’s total income rose to Rs 1,18,193 crore in the third quarter of the current financial year from Rs 98,084 crore in the same period a year ago, the bank said in a regulatory filing.
The bank earned interest income of Rs 1,06,734 crore during the quarter, compared to Rs 86,616 crore in the same period a year ago.
non-performing assets
The bank’s gross non-performing assets (NPAs) of total advances declined to 2.42 per cent at the end of December from 3.14 per cent at the end of the third quarter last year.
Similarly, net non-performing assets (NPAs) also declined to 0.64 per cent as against 0.77 per cent at the end of the same period a year ago.
consolidated basis
On a consolidated basis, SBI Group’s net profit declined 29 per cent to Rs 11,064 crore from Rs 15,477 crore in the same quarter a year ago.
However, total income increased to Rs 1,53,072 crore compared to Rs 1,27,219 crore in the first quarter of the last financial year.
During the quarter under review, the Bank acquired the entire 20 per cent stake of SBI Capital Markets Limited (SBICAPS) in SBI Pension Funds Private Limited.
With this, the bank’s stake in SBI Pension Funds Pvt Ltd has increased from 60 per cent to 80 per cent, it said, adding that the consideration paid for the transaction is Rs 229.52 crore.
