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SBI posts Q3 profit net profit of Rs 4,574 crore in Q3 FY21

The Net Interest Income for Q3 of FY21 increased by 3.75 per cent YoY to Rs 28,820 crore from Rs 27,779 crore reported for Q3 of FY20.

SNS | New Delhi |

India’s largest state-run lender State Bank of India’s net profit plunged 6.93 per cent to Rs 4,574 crore in the third quarter of 2020-21 on a year-on-year basis. Its had earlier posted net profit at Rs 5,196 crore during the corresponding period of the previous fiscal.

The Net Interest Income for Q3 of FY21 increased by 3.75 per cent YoY to Rs 28,820 crore from Rs 27,779 crore reported for Q3 of FY20.

In a statement the bank said, excluding the one-off interest income and other income during Q3 of FY20, the YoY growth in Net Profit and Operating Profit for Q3 of FY21 will be 133.78 per cent and 26.23 per cent respectively.

The bank’s net NPA ratio at 1.23 per cent was down 142 bps YoY and 36 bps QoQ.

“Gross NPA ratio at 4.77 per cent is down 217 bps YoY and 51 bps QoQ.”

Provisions for bad loans and contingencies for the quarter spiked to Rs 10,342.39 crore, from Rs 7,252.90 crore a year earlier.

The shares of SBI ended 5.73 per cent higher at Rs 355.10 apiece on BSE