SBI Q3 profit surges 84% to ₹16,891 crore

India’s banking system has grown over decades and is now well established and serving the credit and banking needs of the economy. SBI is the largest government lender. 

On Thursday, SBI reported 84% jump in standalone net profit at Rs 16,891 crore in Q3 (Oct-Dec). As of Feb 6, the market cap is Rs 6.71 lakh crore.

Earlier this year, the bank had made a standalone net profit of Rs 9,164 crore. Total income was at Rs 1,28,467 crore in Q3 this fiscal against Rs 1,18,193 crore in the same period last year, SBI said in a filing.

Interest income grew to Rs 1,17,427 crore in Q3 this fiscal from Rs 1,06,734 crore a year ago. On the NPA front, the bank saw improvement with gross NPA moderating to 2.07% at Dec-end from 2.42% at end of Q3 last year.

Net NPA also eased out to 0.53% against 0.64% at the end of the same quarter last year. On a consolidated basis, net profit of SBI Group increased by 70 percent to Rs 18,853 crore from Rs 11,064 crore in FY24.

Total consolidated income at Rs 1,67,854 crore compared with Rs 1,53,072 crore of Q3 in the last fiscal.