SBI Q3 results: Net profit surges by 62% to Rs 8432 cr

SBI net profit surges 62% to Rs 8,432 cr in December quarter FY22, as per a PTI report. 

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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.

Total income also rose to Rs 78,352 crore during the quarter under review as against Rs 75,981 crore in the same period of 2020-21, it said.

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.

The bank's asset quality improved as gross non-performing assets fell to 4.5 per cent of gross advances as of December 31, 2021 from 4.77 per cent by the year-ago same period.

However, net NPAs rose marginally to 1.34 per cent from 1.23 per cent at the end of the third quarter of 2020-21.

Provisions other than tax and contingencies for the quarter declined to Rs 6,974 crore from Rs 10,342 crore a year earlier.

Provision Coverage Ratio (PCR) as at the end of the third quarter this fiscal year stood at 88.32 per cent, it said.

"Capital Adequacy Ratio (CAR) as at the end of Q3FY22 stands at 13.23 per cent without including nine months profit for FY22. If we include profit of three quarters, the CAR will improve by 94 basis points," it said.

SBI has changed certain money transfer rules from February 1, 2022. The bank has introduced new slabs for Immediate Payment Service (IMPS).

The SBI customers must know that under the revised rules, the largest public sector lender in the country will allow them to IMPS transactions up to Rs 5 lakh instead of Rs 2 lakh.

An SBI press release on January 4, 2022 said, "In an aim to encourage customers to adopt digital banking, SBI has not levied any Service Charge on IMPS transaction up to Rs 5 lacs, done through Internet banking/Mobile Banking/including YONO. In case of Branch channels, there has been no change in the service charges for IMPS done through the Branch Channel in the existing slabs."

SBI is the largest bank in the country with one-fourth market share. The SBI has successfully diversified businesses through its 11 subsidiaries, that is, SBI General Insurance, SBI Life Insurance, SBI Mutual Fund, SBI Card, etc. It has spread its presence globally and operates across time zones through 233 offices in 32 foreign countries.

(With inputs from PTI)