India’s largest lender State Bank of India (SBI) on Saturday reported a 35% drop in net profit to 9,164 crore rupees in the third quarter ended December 2023. Its net interest income (NII) increased 4.59% to Rs 39,815 crore during October-December 2023.
In the same period last year, the state-owned bank’s net profit was Rs 14,205 crore.
The bank’s total income rose to 1,18,193 crore rupees in the third quarter of this fiscal as compared to 98,084 crore rupees in the same period last year, the bank said in a regulatory filing. During the quarter, the bank earned interest income of Rs 1,06,734 crore as compared to Rs 86,616 crore in the same period last year.
The bank’s total non-performing assets accounted for 2.42% of total advances at the end of December from 3.14% at the end of the third quarter last year. Similarly, net non-performing assets (NPA) also fell to 0.64% from 0.77% at the end of the same period last year.
Taken together, SBI Group’s net profit fell 29% to 11,064 billion rupees, compared with 15,477 billion rupees in the same period last year. However, total revenue 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, the bank acquired the entire 20% stake in SBI Pension Funds Pvt Ltd held by SBI Capital Markets Ltd (SBICAPS).
The bank’s stake in SBI Pension Funds Pvt Ltd has been increased from 60 per cent to 80 per cent, it said, adding that the consideration paid for the transaction was Rs 229.52 crore.
Shares of State Bank of India closed at Rs 650.4 apiece on the BSE on Friday.
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