India Brief Update
Buisness

NII Up 4.59%, SBI Q3 Net Profit Drops 35% YoY at Rs 9,164 Crore

<p>The biggest bank in the nation, State Bank of India (SBI), said on Saturday that its net profit for the third quarter that ended in December 2023 dropped by 35% to Rs 9,164 crore. From October to December of 2023, its net interest income (NII) rose to Rs 39,815 crore, a 4.59 percent gain.</p>
<p><img decoding=”async” class=”alignnone wp-image-385299″ src=”https://www.theindiaprint.com/wp-content/uploads/2024/02/theindiaprint.com-nii-up-4-59-sbi-q3-net-profit-drops-35-yoy-at-rs-9164-crore-sbi-16950378323×2-3-11.jpg” alt=”theindiaprint.com nii up 4 59 sbi q3 net profit drops 35 yoy at rs 9164 crore sbi 16950378323×2 3 11″ width=”1073″ height=”715″ title=”NII Up 4.59%, SBI Q3 Net Profit Drops 35% YoY at Rs 9,164 Crore 3″ srcset=”https://www.theindiaprint.com/wp-content/uploads/2024/02/theindiaprint.com-nii-up-4-59-sbi-q3-net-profit-drops-35-yoy-at-rs-9164-crore-sbi-16950378323×2-3-11.jpg 510w, https://www.theindiaprint.com/wp-content/uploads/2024/02/theindiaprint.com-nii-up-4-59-sbi-q3-net-profit-drops-35-yoy-at-rs-9164-crore-sbi-16950378323×2-3-11-150×100.jpg 150w” sizes=”(max-width: 1073px) 100vw, 1073px” /></p>
<p>For the same quarter last year, the net profit of the state-owned banks was Rs 14,205 crore.</p>
<p>According to a regulatory filing, the bank’s total income increased to Rs 1,18,193 crore in the third quarter of the current fiscal year from Rs 98,084 crore during the same time the previous year. In comparison to Rs 86,616 crore during the same time last year, the bank generated interest income of Rs 1,06,734 crore during the quarter.</p>
<p>At the end of December, the bank’s gross non-performing assets (NPA) as a percentage of total loans dropped from 3.14 percent at the end of the third quarter of last year to 2.42 percent. In a same vein, net non-performing assets (NPAs) decreased to 0.64 percent at the end of the same time last year from 0.77 percent.</p>
<p>SBI Group’s net profit decreased by 29% to Rs 11,064 crore on a consolidated basis from Rs 15,477 crore in the same period last year. Nonetheless, compared to the first quarter of the previous fiscal year, when it was Rs 1,27,219 crore, overall revenue climbed to Rs 1,53,072 crore. The bank bought SBI Capital Markets Ltd.’s (20%) whole 20 percent interest in SBI Pension Funds Pvt Ltd. during the quarter under review.</p>
<p>The bank stated that as a result, its ownership in SBI Pension Funds Pvt Ltd has grown from 60% to 80%, and that Rs 229.52 crore was paid as consideration for the deal.</p>
<p>On the BSE, State Bank of India shares ended the day at Rs 650.4 a share.</p>

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