SBI Q3 Profit Rises 24% to Rs 21,028 Cr on Strong NII, Asset Quality
SBI Q3 Profit Rises 24% to Rs 21,028 Cr on Strong NII, Asset Quality
SBI posts record Q3 profit of Rs 21,028 crore as NII climbs and asset quality improves, signaling robust growth for India's largest lender.
State Bank of India, India's largest public sector lender, reported a standout Q3 with standalone net profit of Rs 21,028 crore, up 24% year-on-year. Net interest income rose 9% to Rs 45,190 crore, while operating profit before provisions and contingencies jumped 40% to Rs 32,862 crore on the back of healthy loan growth. The bank's net interest margin stood at 2.99% for the quarter, with domestic NIM at 3.12%.
Asset quality improved further as gross NPAs declined to 1.57% from a year ago, and net NPAs eased to 0.39%. Provisioning coverage ratio including AUCA stood at 92.37%, with PCR excluding AUCA at 75.54%. Slippage ratio was contained at 0.40% and credit cost at 0.29% for the quarter.
On the balance sheet, SBI crossed Rs 103 lakh crore in total business, with deposits exceeding Rs 57 lakh crore and advances above Rs 46 lakh crore. Advances grew 15% year-on-year, led by domestic growth of 15%. Retail advances rose 16%, SME 21%, agriculture 16%, retail personal loans 15%, while corporate advances grew 13%.
Deposits grew 9% YoY, with CASA at 39.13% and retail term deposits up 14%, signaling sustained traction in liability mobilisation. The bank's capital position remained comfortable, with capital adequacy ratio at 14.04% and CET-1 ratio at 10.99%. Digital adoption remained robust, with over 68% of savings bank accounts opened through Yono and nearly 98.6% of total transactions through alternate channels.
