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.
TRENDING NOW

Sebi to introduce centralised mechanism for verification in case of demise of investors from January 1

CCI approves Kedaara Capital Fund's acquisition of 1.74% equity stake in Lenskart, also clears acquistion of majority stake in Indira IVF by Zonnebaars

Amazon begins Kickstarter sale ahead of Great Indian Festival: 5 top smartphone deals offering upto 50% off

ICC World Cup 2023: Disney+ Hotstar introduces MaxView feature to stream matches in vertical mode - Details

Canada not looking to escalate situation with India, will continue to "engage responsibly": Justin Trudeau
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.
ALSO READ: HDFC Bank Q3 Results: Profit, NII see double-digit growth, exceed analysts' expectations
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.
Catch latest stock market updates here. For all other news related to business, politics, tech, sports and auto, visit Zeebiz.com.
Get Latest Business News, Stock Market Updates and Videos; Check your tax outgo through Income Tax Calculator and save money through our Personal Finance coverage. Check Business Breaking News Live on Zee Business Twitter and Facebook. Subscribe on YouTube.
RECOMMENDED STORIES

IND vs NED Free Live Streaming: When and How to Watch India vs Netherlands ODI World Cup 2023 warm-up Match Live on Web, TV, mobile apps online

Senior Citizen Savings Scheme (SCSS): Know how much return you will get on investment from Rs 1 to Rs 15 lakh in SCSS

ONGC, Oil India under pressure after Centre's windfall tax move; MGL, Gujarat Gas rise post-gas price hike

Gold and Silver price today (October 3, 2023): Precious metal futures trade under pressure; Gold below Rs 57,000

Traders' Diary: Buy, sell or hold strategy on Jubilant FoodWorks, RVNL, LTIMindtree, Federal Bank, AU Small Finance Bank, other a dozen other stocks today
04:43 pm