State Bank of India (SBI), the country's largest public sector bank, has declared the results of the third quarter (October-December) of the financial year 2023-24 today on Saturday (February 3). The bank's net profit declined 35% year-on-year (YoY) to Rs 9,163 crore in Q3FY24. It was Rs 14,205 crore in the same quarter last year.
However, the bank reported a standalone net profit of Rs 40,378 crore in the first 9 months of FY24. This is 20.40% higher than the standalone net profit of Rs 33,538 crore for the first 9 months of FY23.
The bank's interest income in the third quarter increased by 22% on annual basis (YoY) to Rs 105,733.78 crore. It was Rs 86,616.04 crore in the same quarter last year.
The bank has paid interest of Rs 66,918 crore in the October-December quarter. The net interest income (NII) of the country's largest bank stood at Rs 39,815 crore in Q3.
The bank's NIM declined by 1 bps YoY to 3.28% in first 9 months of FY24. Whereas the domestic NIM of the bank declined by 8 bps on annual basis to 3.41% in the first 9 months of FY24.
The bank's gross non-performing assets (NPA) stood at 2.42%, which was 3.14% in the same quarter last year. On the other hand, net NPA for the December quarter stood at 0.64% compared to 0.77% last year.