During the December quarter SBI’s net profit jumped 30% mainly on increased non-interest income, while its gross NPAs declined by 83 basis points to 4.9%
State Bank of India (SBI), the country's largest lender, on Friday reported a 30% jump in its third quarter net profit mainly on 24% increase in its non-interest revenues.
For the quarter to end-December, the state-run lender, said its net profit rose to Rs2,910 crore from Rs2,234 crore, while its operating profit grew 22% to Rs9,294 crore from Rs7,618 crore, same period last year.
In a statement, SBI said, during the third quarter, its gross non-performing asset (GNPA) ratio declined by 83 basis points to 4.9% from 5.73%, a year ago.
During the December quarter, SBI's net interest and non-interest revenues increased 9.2% and 24.3% to Rs13,777 crore and Rs5,238 crore, respectively, compared with same quarter last year.
Deposits in the Bank recorded a growth of 11.9% to Rs15.1 lakh crore during the reporting quarter. At the same time, saving bank deposit increased by 9.3% to Rs5.1 lakh crore from Rs4.66 lakh crore last year.
At 2.57pm Friday, SBI was trading 7.5% higher at Rs305.6 on the BSE, while the 30-share Sensex was up 1% at 29,117.