India's largest public sector bank posted a 62.3% rise in standalone net profit to Rs 8,432 crore on a 3.1% rise in total income to Rs 78,351.54 crore in Q3 FY22 over Q3 FY21.
The bank's operating profit before provisions and contingencies rose by nearly 7% to Rs 18,521.64 crore in Q3 FY22 over Q3 FY21. Meanwhile, the bank's standalone profit before tax stood at Rs 11,547.6 crore in Q3 FY22, 65.2% higher than Rs 6,990 crore posted in the same quarter last year.Net interest income rose by 6.4% to Rs 30,687 crore in Q3 FY22 from Rs 28,820 crore posted in Q3 FY21. Net interest margin slightly improved to 3.4% in Q3 FY22 from 3.34% posted in the corresponding quarter last year.
Provision and contingencies contracted by 32.6% to Rs 6,973 crore in Q3 FY22 over Q3 FY21. Provision Coverage Ratio (PCR) at the end of Q3 FY22 stood at 88.32%.
On the asset quality front, gross non-performing assets aggregated to Rs 1,20,029 crore as at 31 December 2021 as against Rs 1,23,942 crore as at 30 September 2021 and Rs 1,17,244 crore as at 31 December 2020. The gross NPA ratio was 4.5% as at 31 December 2021 as against 4.9% as at 30 September 2021 and 4.77% as at 31 December 2020. The net NPA ratio was 1.34% as at 31 December 2021 as against 1.52% as at 30 September 2021 and 1.23% as at 31 December 2020.
The bank reported fresh slippages of Rs 2,334 crore in Q3 FY22, steeply higher than Rs 237 crore posted during Q3 FY21. The bank's slippage ratio was 0.37% as of December 2021 as compared to 0.04% in the same period last year.
Gross advances grew by 8.47% to Rs 26,64,602 crore in Q3 FY22 over Q3 FY21. Deposits rose by 8.83% to Rs 38,47,794 crore in Q3 FY22 as compared to Q3 FY21. aMeanwhile, the bank's CASA ratio came at 45.74% in 31 December 2021 as against 45.15% as of 31 December 2020.
State Bank of India (SBI) is an Indian multinational, public sector banking and financial services statutory body. As of 31 December 2021, the Government of India held 57.62% stake in the bank.
Shares of SBI were trading 0.02% lower at RS 530.1 on BSE in early trade.
Powered by Capital Market - Live News
(This story has not been edited by Business Standard staff and is auto-generated from a syndicated feed.)
Dear Reader,
Business Standard has always strived hard to provide up-to-date information and commentary on developments that are of interest to you and have wider political and economic implications for the country and the world. Your encouragement and constant feedback on how to improve our offering have only made our resolve and commitment to these ideals stronger. Even during these difficult times arising out of Covid-19, we continue to remain committed to keeping you informed and updated with credible news, authoritative views and incisive commentary on topical issues of relevance.
We, however, have a request.
As we battle the economic impact of the pandemic, we need your support even more, so that we can continue to offer you more quality content. Our subscription model has seen an encouraging response from many of you, who have subscribed to our online content. More subscription to our online content can only help us achieve the goals of offering you even better and more relevant content. We believe in free, fair and credible journalism. Your support through more subscriptions can help us practise the journalism to which we are committed.
Support quality journalism and subscribe to Business Standard.
Digital Editor
RECOMMENDED FOR YOU