State Bank of India Q3 net profit drops 35% YoY, at Rs 9,163 Crore

On February 3, the State Bank of India (SBI) disclosed a net profit of Rs 9,163 crore for the third quarter of the financial year 2023-24 (October-December), reflecting a 35 percent decrease compared to the Rs 14,205 crore reported in the same period last year.

The bank’s net interest income (NII), a key indicator, amounted to Rs 39,815 crore, up 4.59% YoY.


In terms of asset quality, SBI displayed improvements. The gross non-performing asset (NPA) for the quarter stood at 2.42 percent, a decline from the 3.14 percent recorded in the corresponding quarter of the previous year.
Concurrently, the net NPA for the quarter reduced to 0.64 percent, down from 0.77 percent in the same period last year.

Net Interest Margin (NIM) for the entire bank stood at 3.28% during the first nine months of the financial year 2023-24, reflecting a marginal decrease of 1 basis point compared to the same period in the financial year 2022-23.