SBI Q3 Results: Net profit jumps 68.5% to record Rs 14,205 crore

SBI reported a 68.5 per cent year-on-year jump in net profit to a record Rs 14,205.3 crore for the quarter ended December 2022, far exceeding analysts’ expectations.

The PSU banking major’s net interest income (NII) — or the difference between interest earned and interest paid — increased 24.1 per cent on a year-on-year basis to Rs 38,068.6 crore, according to a regulatory filing.

State Bank of India’s net interest margin — a key measure of profitability for lenders — improved by 14 basis points on a quarter-on-quarter basis to 3.69 per cent, according to a company statement.

The bank’s asset quality improved, reflected in its gross non-performing assets (NPAs) as a percentage of total loans, which contracted by 38 basis points sequentially to 3.14 per cent.

Its net NPAs — or bad loans — narrowed to 0.77 per cent from 0.80 per cent in the quarter ended September 2022.