State Bank of India, the country’s largest lender, on Saturday said its net profit surged 62.27% to Rs 8,432 crore in the third quarter of the current financial year when compared with the corresponding period of the previous year.
The government-run lender’s profit in the third quarter of 2021-22 is the highest ever quarterly profit. The bank’s operating profit increased by 6.86% year-on-year to Rs 18,522 crore in the third quarter of 2021-22 from Rs 17,333 crore recorded in the third quarter of the previous year. SBI’s net interest income for the third quarter of the current financial year rose by 6.48% year-on-year.
Gross NPA ratio during the third quarter of the current financial year stood at 4.50%, which is down by 94 bps year-on-year while net NPA ratio at 1.34% is down by 47 bps year-on-year, taking into consideration proforma NPAs as on December 20, 2021, the SBI said in a statement.
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On an unadjusted basis, Gross NPA ratio is down by 27 bps YoY while Net NPA ratio is up by 11 bps YoY, it said.
The bank’s total deposits grew at 8.83% YoY. Saving Bank deposits grew by 10.30% YoY while Current Account deposits grew by 7.89% YoY during the quarter under review.
The bank’s Capital Adequacy Ratio (CAR) as at the end of Q3 FY22 stood at 13.23% without including 9 month FY22 profit. “If we include profit of 9 month FY22, the CAR will improve by 94 bps,” SBI said.
Return on Equity (RoE) as at the end of Q3 FY22 stood at 14.01% which is higher by 452 bps YoY.
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