SBI Q3 Results: Net Profit Surges 84% to ₹16,891 Cr

SBI Q3 Results: Net Profit Surges 84% to ₹16,891 Crore

State Bank of India (SBI), the country's largest lender, has reported a robust 84% jump in its standalone net profit to ₹16,891 crore for the third quarter ended December 2024.

Key Financial Highlights

The bank's strong financial performance is reflected in the following key highlights:

• Standalone Net Profit: Surged by 84%, reaching ₹16,891 crore compared to ₹9,164 crore in the year-ago period.
• Total Income: Rose to ₹1,28,467 crore in Q3FY25 against ₹1,18,193 crore in the same period last year.
• Interest Income: Grew to ₹1,17,427 crore compared to ₹1,06,734 crore a year ago.

Asset Quality Improvement

SBI also witnessed improvement in its asset quality during the quarter:

• Gross Non-Performing Assets (NPA): Moderated to 2.07% at December-end from 2.42% at the end of Q3FY24.
• Net Non-Performing Assets (NPA): Eased to 0.53% against 0.64% at the end of the same period a year ago.

Consolidated Performance

On a consolidated basis, SBI Group's performance also showed strong growth:

• Consolidated Net Profit: Rose by 70% to ₹18,853 crore over ₹11,064 crore in FY24.
• Consolidated Total Income: Increased to ₹1,67,854 crore over ₹1,53,072 crore in the third quarter of the preceding fiscal.

SBI's impressive Q3 results demonstrate its strong financial position and efficient management of assets. The significant increase in net profit, coupled with improvements in asset quality, reflects the bank's commitment to sustainable growth and profitability.

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Categories: banking sector, Financial News, SBI Q3 results