SBI Q3 Results: 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 sharp rise in the bottomline of the lender was down to a 32.6 per cent on-year decline in provisions to Rs 6,974 crore. While over provisions declined on-year, loan-loss provisions in the quarter rose to Rs 3,096 crore from Rs 2,290 crore in the year-ago period. Overall, COVID-19 related provisions stood at Rs 6,183 crore, the SBI said.
Total income also rose to Rs 78,352 crore during the quarter under review as against Rs 75,981 crore in the same period of 2020-21, it said. On a consolidated basis, the SBI Group clocked 51 per cent increase in net profit at Rs 9,692 crore during the quarter as against Rs 6,402 crore in the year-ago period.
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.
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.
Asset quality of the bank continued to see strong improvement as gross non-performing assets ratio came in at 4.5 per cent for the quarter as against 4.9 per cent in the previous three-month period.
Similarly, the net NPA ratio improved to 1.34 per cent for the quarter against 1.52 percent in the previous quarter. Slippages jumped during the quarter on a year-on-year basis to Rs 2,334 crore but below analysts’ expectations of Rs 9,500 crore to Rs 11,000 crore. Sequentially, though, slippage in the December quarter was lower than the Rs 4,176 crore reported in the previous quarter. The slippage ratio was at 0.37 per cent against 0.66 per cent in the previous quarter.
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.
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