The State Bank of India (SBI) on Saturday reported a 35 per cent decline in standalone net profit to Rs 9,164 crore for the December quarter of the financial year 2023-24. The country’s largest lender recorded a net profit of Rs 14,205 crore in the same period of the previous fiscal year.
The bank reported that its total income increased to Rs 1,18,193 crore in the third quarter of the current fiscal year, compared to Rs 98,084 crore in the corresponding period of the previous year, as stated in a regulatory filing.
In the quarter, the bank generated interest income amounting to Rs 1,06,734 crore, marking a rise from Rs 86,616 crore recorded in the corresponding period of the previous year.
The gross Non-Performing Assets (NPA) of the bank, relative to the total advances, decreased to 2.42 per cent at the end of December, down from 3.14 per cent at the conclusion of the third quarter in the previous year. Similarly, net Non-Performing Assets (NPAs) also eased to 0.64 per cent compared to 0.77 per cent at the end of the same period a year ago.
Consolidated net profit for the SBI Group witnessed a 29 per cent decline, amounting to Rs 11,064 crore, compared to Rs 15,477 crore in the corresponding quarter of the previous year. Meanwhile, total income rose to Rs 1,53,072 crore compared to Rs 1,27,219 crore in the first quarter of the last fiscal year.
In the quarter under review, the bank purchased the entire 20 per cent stake previously held by SBI Capital Markets Ltd (SBICAPS) in SBI Pension Funds Pvt Ltd. As a result, the bank’s ownership in SBI Pension Funds Pvt Ltd has risen from 60 per cent to 80 per cent. The transaction was carried out at a consideration of Rs 229.52 crore.