SBI Q3 net profit jumps 62% to ₹15,477 crore

• On a standalone basis, the lender's net post-tax profit grew to ₹14,205 crore during the Oct-Dec 2022 period.
• The public sector lender's total income grew to ₹98,084 crore from ₹78,351 crore in the year-ago period
• The provisions for non-performing assets nearly halved to ₹1,586 crore for the reporting quarter.
  

The country's largest lender State Bank of India on Friday reported a 62 per cent growth in its net profit at ₹15,477 crore during the quarter that ended December 2022.

On a standalone basis, the lender's net post-tax profit grew to ₹14,205 crore during the October-December 2022 period, which was up from ₹8,432 crore in the year-ago period and ₹13,265 crore in the preceding July-September quarter.

The public sector lender's total income grew to ₹98,084 crore from ₹78,351 crore in the year-ago period, while the operating expenses were up at ₹24,317 crore from ₹20,839 crore, as per an exchange filing.

The provisions for non-performing assets nearly halved to ₹1,586 crore for the reporting quarter.

The gross non-performing assets ratio reduced to 3.14 per cent as against 3.52 per cent three months ago and 4.50 per cent in the year-ago period.

The SBI scrip gained 3.12 per cent to close at ₹544.45 a piece on the BSE, as against a 1.52 per cent jump on the benchmark.

SEE ALSO:
Rupee gains 34 paise to close at 81.86 against US dollar
PIL in SC seeks prosecution of short sellers for 'artificial' crashing of Adani Group's stock value