SBI Q3 Results: Net profit jumps 68.5% to record Rs 14,205 crore, far exceeds analysts' expectations
SBI Q3 Results: India's largest bank by assets 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. SBI shares rose three per cent ahead of the earnings announcement.
State Bank of India (SBI) — the country's largest lender by assets — on Friday reported a 68.5 per cent jump in net profit to a record Rs 14,205.3 crore for the quarter ended December 2022 compared with the corresponding period a year ago.
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.
Both topline and bottomline far exceeded analysts' expectations.
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According to Zee Business research, SBI's quarterly net profit was estimated at Rs 13,400 crore and NII at Rs 37,300 crore.
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.
SBI reported credit growth of 17.6 per cent for the October-December period compared with the year-ago period, with expansion of 16.91 per cent in domestic advances.
According to Zee Business research, the lender's loan growth for the three-month period was pegged in the range of 18-20 per cent.
SBI shares ended stronger by Rs 16.5 or 3.1 per cent at Rs 544.5 apiece on BSE ahead of the earnings announcement.
The stock rewarded investors with a return of 15.5 per cent in the quarter ended December 2022, outperforming a 5.9 per cent rise each in headline indices Sensex and Nifty50.
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