New Delhi, 03 February (HS). State Bank of India (SBI) has announced the results for the third quarter of the current financial year 2023-24. In the October-December quarter, SBI’s net profit on standalone basis declined by 35 percent to Rs 9,164 crore. The net profit of the bank in the same quarter of the last financial year was Rs 14,205 crore.
In the information given to the stock market on Saturday, State Bank said that in the third quarter of the current financial year 2023-24, the net profit of the bank on standalone basis declined by 35 percent to Rs 9,164 crore. However, the bank said its total income increased to Rs 1,18,193 crore in the October-December quarter from Rs 98,084 crore in the same quarter of the last financial year. During this period, the interest income of the bank increased to Rs 1,06,734 crore, which was Rs 86,616 crore in the same quarter of the last financial year.
By the end of December 2023, the bank’s gross non-performing assets (NPAs) declined to 2.42 per cent of gross loans, which was 3.14 per cent last year. Similarly, at the end of the third quarter, the net NPA of the bank also reduced to 0.64 percent, which was 0.77 percent last year. SBI Group’s net profit on a consolidated basis fell 29 per cent to Rs 11,064 crore in the third quarter from Rs 15,477 crore in the same quarter last financial year. However, the bank’s total income increased to Rs 1,53,072 crore in the quarter from Rs 1,27,219 crore in the same quarter last fiscal.