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SBI Q3 result: India’s biggest government-owned lender, State Bank of India (SBI), reported a 68.5 per cent year-on-year surge in net profit for the October-December quarter of financial year 2023 (Q3FY23). The bank reported standalone net profit of Rs 14,205 crore in Q3FY23, its highest ever in a quarter, as against net profit of Rs 8,432 crore in Q3FY22.
On a quarter-on-quarter basis, the profit rose 7 per cent from PAT of Rs 13,265 crore reported in the September quarter of this financial year.
On the bourses, shares of SBI settled 3 per cent higher on the BSE at Rs 544 as against a 1.5 per cent gain in the benchmark S&P BSE Sensex.
The number beat Street estimate. Consensus estimates by Bloomberg had projected net profit at Rs 13,196 crore.
Meanwhile, SBI’s net interest income, or the difference between interest income earned and interest expended, stood at Rs 38,069 crore. This was 24 per cent higher than NII of Rs 30,687 crore of last year. NII in Q2FY23 was Rs 35,183 crore.
Net interest margin for the lender increased by 29 bps YoY to 3.69 per cent.
Gross non performing asset (NPA) ratio fell 136 bps YoY to 3.52 per cent for the quarter, while net NPA was 57 bps down to 0.77 per cent.
Gross NPAs fell 18 per cent on year to Rs 98,347 crore and net NPAs declined 32 per cent to Rs 23,484 crore in the quarter.
Gross advances rose 17.6 per cent YoY to Rs 31,33,565 crore as at the end of December 2022, while deposits stood at Rs 42,13,557 crore, up 9.5 per cent over last year.
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