SBI Q3 profits slips 7% year-on-year | Business Upturn

SBI Q3 profits slips 7% year-on-year


India’s largest public sector bank, State Bank of India (SBI), on Thursday, reported a 6.9 per cent year-on-year decline in standalone net profit at Rs 5,196.22 crore for the quarter ended December 2020 of the current fiscal year.

SBI in its BSE filing said, the gross non-performing assets (NPA) as a percentage of gross advances at 4.77 per cent in Q3FY21 declined 51 bps sequentially and the net NPA at 1.23 per cent fell 36 bps Quarter-on-Quarter.

The net interest income which met the analysts’ expectations grew by 3.7 per cent year-on-year to Rs 28,819.94 crore in Q3FY21. Provisions and contingencies increased significantly by 42.6 per cent year-on-year to Rs 10,342.39 crore in December quarter, though sequentially saw a 2.2 per cent rise in the same.

Other income grew by just 1.5 per cent to Rs 9,246.15 crore, but pre-provision operating profit fell 4.9 per cent to Rs 17,333.16 crore compared with the corresponding period.

According to the average of estimates of analysts polled by CNBC-TV18, profit was estimated at Rs 5,332.1 crore and net interest income at Rs 28,750.3 crore in Q3FY21.