SBI Q3 Results: Profit surges 62% YoY to Rs 8,432 crore, beats estimate

NEW DELHI: State Bank of India (SBI) on Saturday reported a 62.26 per cent year-on-year (YoY) rise in standalone net profit at Rs 8,431.88 crore compared with Rs 5,196.22 crore in the corresponding quarter last year.

The figure came in higher than Rs 8,200 crore profit estimated by analysts in an ET NOW poll.

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

Net interest income (NII) rose 6.48 per cent YoY to Rs 30,687 crore from Rs 28,820 crore. Net interest margin (NIM) improved 6 basis points to 3.4 per cent in the December quarter from 3.34 per cent corresponding quarter last year.

Slippages for the quarter stood at Rs 2,334 crore. Overall restructuring under Covid resolution plan-1 and 2 stood at Rs 32,895 crores, which was 1.2 per cent of total advances.

The bank said strong growth was seen in the personal retail segment, driven by home loans, Xpress credit and other loans. Corporate & SME credit also picked up during the quarter, it said.

Deposits for the quarter rose 8.83 per cent YoY to Rs 38,47,794 crore while gross advances were up 8.47 per cent at Rs 26,64,602 crore in the quarter under review. Out of this, retail personal advances were up 14.57 per cent YoY at 9,52,189 crore.

Gross NPA for the quarter stood at 4.5 per cent, which was lower than 4.9 per cent in the September quarter and 4.77 per cent in the year-ago quarter.

Non-interest income for the quarter fell 6.19 per cent YoY to Rs 8,673 crore from Rs 9,246 crore.

Forex income was down 21 per cent YoY at Rs 484 crore, miscellaneous income was down YoY 17 per cent at Rs 1,929 crore and profit and loss on sale of investments was also down 46.45 per cent YoY at Rs 514 crore. Fee income, on the other hand, grew 7.45 per cent to Rs 5,747 crore.