The State Bank of India Ltd (SBI) has reported an 84% increase in net profit (Profit After Tax) at Rs 16,891 crore for the quarter ended December 31, 2024 (Q3FY25) as compared to its net profit of Rs 9,164 crore in the year-ago period, according to a release issued here on Thursday.
The bank’s net interest income increased by 4% to Rs 41,446 crore from Rs 39,816 crore in the year-ago period. Its employee expenses dropped from 17% to Rs 16,074 crore and domestic loan portfolio grew 14.06% year-on-year (YoY).
Whole bank and domestic net interest margins (NIM) for nine months (9MFY25) stood at 3.12% and 3.25%, respectively, the release stated. Whole bank and domestic NIM for Q3FY25 is at 3.01% and 3.15%.
SBI’s Q3 operating profit increased by 15.8% to Rs 23,550.81 crore from Rs 20,336.08 crore reported in the December quarter of FY24. However, sequentially, operating profit fell 19.6% from Rs 29,293.74 crore seen in Q2FY25.
The SBI reported gross non-performing assets (GNPAs) at Rs 84,360.38 crore as against Rs 86,748.81 crore in Q3FY24. Sequentially, GNPAs climbed from Rs 83,369.23 crore reported in Q2FY25.
The bank’s corporate loans portfolio increased to 14.86% YoY and 1.65% QoQ to Rs 11,76,303 crore, while domestic retail Loans increased by 11.65% Y-o-Y and 3.6% QoQ to Rs 14,47,337 crore. Out of these, home loans increased by 14.26% YoY and 3.75% QoQ to Rs 7,92,827 crore.
The bank’s gross deposits increased by 9.81% YoY and 2.81% QoQ to Rs 52,29,384 crore, driven by 13.47% YoY and 3.5% QoQ increase in term deposits of Rs 30,48,623 crore. The bank’s domestic Current Account Saving Account (CASA) deposits increased by 4.46% YoY but decreased when viewed on a QoQ basis at Rs 19,65, 237 crore, the release stated.