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SBI profit surges 62 pc to Rs 8,432 crore in Q3

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SBI profit surges 62 pc to Rs 8,432 crore in Q3

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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Also Read: GAIL Q3 Results 2022: GAIL India Limited Posts Rs 3,288 Crore Net Profit in Third Quarter

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.

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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.

(The above story is a direct embed from ANI Feed, Our Writers didn’t change anything in this)

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