SBI Q3 net profit surges 62% YoY to Rs 8,431.9 crore

State Bank of India (SBI) on Saturday reported a 62.27 per cent year-on-year (YoY) jump in its net profit to Rs 8,431.9 crore for the quarter ended December (Q3FY22), it said in a regulatory filing. 

The net interest income (NII) of India's largest public-sector lender rose 6.48 per cent on-year to 30,687 crore from Rs 28,820 crore.

Interest earned for the quarter jumped 4.41 per cent to Rs 69,678.12 crore from Rs 66,734.50 crore during the same quarter last year.

Net interest margin (NIM) improved 6 basis points (bps) to 3.4 per cent in Q3 from 3.34 per cent in the corresponding quarter last year.

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Slippages for the December quarter stood at Rs 2,334 crore. 

The bank stated that strong growth was witnessed in the personal retail segment, led by home loans, Xpress credit and other loans. It added that corporate and SME credit also picked up during the quarter under review.

Deposits during Q3 jumped 8.83 per cent YoY to Rs 38,47,794 crore whereas gross advances rose 8.47 per cent at Rs 26,64,602 crore.

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Gross NPA for the said quarter stood at 4.5 per cent, which was lower than 4.9 per cent in the September quarter and 4.77 per cent during the corresponding quarter last fiscal.

Non-interest income for the quarter under review dipped 6.19 per cent YoY to Rs 8,673 crore from Rs 9,246 crore. Forex income fell 21 per cent YoY at Rs 484 crore, miscellaneous income was also down YoY 17 per cent at Rs 1,929 crore.