State Bank of India (SBI), the country’s largest bank, on Saturday reported a 35 per cent decline in its net profit to Rs 9,164 crore for the third quarter ended December 2023. Its net interest income (NII) during October-December 2023 increased 4.59 per cent to Rs 39,815 crore.
The state-owned lender’s net profit had stood at Rs 14,205 crore during the corresponding quarter last year.
The bank’s total income rose to Rs 1,18,193 crore in the third quarter of the ongoing fiscal as against Rs 98,084 crore in the same period a year ago, the bank said in a regulatory filing. During the quarter, the bank earned interest income of Rs 1,06,734 crore as against Rs 86,616 crore in the same period a year ago.
The bank’s gross Non-Performing Assets (NPA) of the total advances declined to 2.42 per cent at December-end from 3.14 per cent at the end of the third quarter of last year. Similarly, net Non-Performing Assets (NPAs) also eased to 0.64 per cent against 0.77 per cent at the end of the same period a year ago.
On a consolidated basis, SBI Group’s net profit slipped 29 per cent to Rs 11,064 crore as against Rs 15,477 crore in the same quarter a year ago. However, total income increased to Rs 1,53,072 crore as compared to Rs 1,27,219 crore in the first quarter of the previous fiscal. During the quarter under review, the bank acquired the entire 20 per cent stake held by SBI Capital Markets Ltd (SBICAPS) in SBI Pension Funds Pvt Ltd.
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.
Shares of State Bank of India on Friday closed at Rs 650.4 apiece on the BSE.
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