SBI’s net profit falls 35 percent to Rs 9,164 crore in December quarter
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New Delhi. Public sector State Bank of India (SBI) has reported a 35 per cent decline in standalone net profit at Rs 9,164 crore in the third quarter of the current financial year. The net profit of the bank in the same quarter of the last financial year was Rs 14,205 crore. In the information given to the stock market, SBI said that its total income increased to Rs 1,18,193 crore for the quarter ending December 2023, which was Rs 98,084 crore in the same quarter of the last financial year. The interest income of the bank increased to Rs 1,06,734 crore in the quarter under review, which was Rs 86,616 crore in the same quarter of the last financial year.
The bank’s gross non-performing assets (NPAs) declined to 2.42 per cent of gross loans by the end of December, 2023, from 3.14 per cent a year ago. Similarly, net NPA also declined to 0.64 percent at the end of the third quarter from 0.77 percent last year. On a consolidated basis, SBI Group’s net profit fell 29 per cent to Rs 11,064 crore in the December 2023 quarter from Rs 15,477 crore in the same quarter last financial year. However, total income increased to Rs 1,53,072 crore in the quarter under review, from Rs 1,27,219 crore in the same quarter of the last financial year.
In the December 2023 quarter, the bank acquired the entire 20 per cent stake of SBI Capital Markets Limited (SBICAPS) in SBI Pension Funds Private Limited. With this, the bank’s stake in SBI Pension Funds Private Limited increased from 60 percent to 80 percent. This deal was done for Rs 229.52 crore.
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