State Bank of India (SBI), the nation’s largest bank, reported a 62% increase in standalone net profit for the third quarter ended December 31, 2021, at Rs 8,432 crore on Saturday.
In the previous year, the bank generated a net profit of Rs 5,196 crore. “Bank has registered its highest quarterly net profit of Rs 8,432 crore in Q3FY22. This represents an increase of 62.27 percent YoY,” SBI stated in a regulatory report.
Total income increased to Rs 78,352 crore in the third quarter under evaluation, up from Rs 75,981 crore in the same period in 2020-21.
On a combined basis, the SBI Group recorded a 51% rise in net profit to Rs 9,692 crore in the third quarter, up from Rs 6,402 crore the previous year. The bank’s asset quality strengthened as gross non-performing assets declined to 4.5% of gross loans as of December 31, 2021, down from 4.77% the previous year.
Net NPAs, on the other hand, increased marginally to 1.34 percent from 1.23 percent at the end of the third quarter of 2020-21.
Expenses other than tax and contingency fell to Rs 6,974 crore in the third quarter, down from Rs 10,342 crore the previous year. It said that the provision coverage ratio (PCR) at the conclusion of the third quarter of this fiscal year was 88.32%.
