SBI December Quarter Net Profit Rises 62% to Rs 8,432 Crore
NDTV
SBI reported a 62 per cent year on year rise in its net profit, which rose to Rs 8,431.9 crore for the quarter ended December
Country's biggest lender State Bank India (SBI) reported a 62 per cent year on year (YoY) rise in its net profit, which rose to Rs 8,431.9 crore for the quarter ending December.
The bank had earned a net profit of Rs 5,196 crore in the year-ago period, "Bank has registered its highest quarterly net profit of Rs 8,432 crore in Q3FY22. This represents an increase of 62.27 per cent YoY," SBI said in a regulatory filing.
The state-owned lender's net interest income for the reported quarter grew 6.5 percent year-on-year to Rs 30,687 crore. However, the net interest margin improved 6 basis points year-on-year to 3.4 percent, which was in line with expectations.
On a consolidated basis, the SBI Group clocked 51 per cent increase in net profit at Rs 9,692 crore during the quarter as against Rs 6,402 crore in the year-ago period.
