SBI net profit surges 62% in third quarter

Mumbai: State Bank of India, the country's largest lender, on Saturday said its net profit surged 62.27 per cent 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 per cent 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 per cent year-on-year.

Gross NPA ratio during the third quarter of the current financial year stood at 4.50 per cent, which is down by 94 bps year-on-year while net NPA ratio at 1.34 per cent is down by 47 bps year-on-year, taking into consideration proforma NPAs as on December 20, 2021, the SBI said in a statement.

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 per cent YoY. Saving Bank deposits grew by 10.30 per cent YoY while Current Account deposits grew by 7.89 per cent YoY during the quarter under review.

The bank's Capital Adequacy Ratio (CAR) as at the end of Q3 FY22 stood at 13.23 per cent 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 per cent which is higher by 452 bps YoY.