SBI net profit surges 30% in Q3

The State Bank of India (SBI), which is the country’s largest public sector lender, on Friday reported a surge of 30% in its net profit at Rs 2,910 crore for the third quarter (Q3) that ended on December 2014 as it reported a small increase in its bad loans, according to a PTI report.

In the year-ago period, the SBI had registered a net profit of Rs 2,234.34 crore, the bank revealed in a BSE filing.

In the third quarter, the total income of the bank moved up to Rs 43,784 crore as compared to Rs 39,068 crore in the year-ago period.

Apart from this, the net interest income of the SBI zoomed 9% to Rs 13,777 crore as against Rs 12,640 crore in the third quarter of last fiscal.

The PTI report further revealed that provisions for bad loans during the Q3 of current fiscal surged 26% to Rs 5,235 crore from Rs 4,150 crore during corresponding quarter.

In the quarter under review, the net NPAs of the SBI fell to 2.8% as compared to 3.24% in same period of last it. The PTI report also stated that gross NPAs slumped to 4.9% in the Q3 from 5.73% in the year-ago period.
(Image: The Economic Times)