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

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

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

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

The provisions for non-performing assets nearly halved to Rs 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 share gained 3.12 per cent to close at Rs 544.45 a piece on the BSE, as against a 1.52 per cent jump on the benchmark.