State Bank of India (SBI), the country’s largest lender, reported an 84% year-on-year rise in standalone net profit to ₹16,891 crore for the December quarter, up from ₹9,164 crore in the same period last year.
The bank’s total income climbed to ₹1,28,467 crore in Q3 FY24, compared to ₹1,18,193 crore a year ago. Interest income also saw a rise, reaching ₹1,17,427 crore from ₹1,06,734 crore in the previous year.
SBI’s asset quality showed improvement, with gross Non-Performing Assets (NPA) reducing to 2.07% from 2.42% in the same quarter last year, while net NPA declined to 0.53% from 0.64%.
On a consolidated basis, SBI Group’s net profit surged by 70% to ₹18,853 crore, compared to ₹11,064 crore in Q3 FY23. Consolidated total income also increased to ₹1,67,854 crore, up from ₹1,53,072 crore a year earlier.
This strong performance highlights SBI’s financial strength and continued growth in profitability.
