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SBI Q3 NetProfit Drop INR 9163 Cr Healthy Assets: On February 3, the State Bank of India (SBI) reported a net profit of Rs 9,163 crore for the October-December quarter of the financial year 2023-24. This marks a 35 percent decrease compared to the Rs 14,205 crore in the same period last year. The net profit fell short of the average estimates of Rs 13,525 crore from five brokerages.
SBI Q3 NetProfit Drop INR 9163 Cr Healthy Assets: SBI
The bank mentioned a one-time exceptional item of Rs 7,100 crore in a press release.
The net interest income (NII) of the country’s largest bank was Rs 39,815 crore, slightly below the estimated Rs 40,304 crore. The net interest margin stood at 3.22 percent.
SBI’s gross non-performing asset (NPA) decreased to 2.42 percent from 3.14 percent in the same quarter last year. Meanwhile, net NPA for the quarter was 0.64 percent, down from 0.77 percent last year.
On February 2, SBI shares closed at Rs 650.40 on the BSE.
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