State Bank of India Q3 net profit rises 84% to ₹16,891 crore, NII up 4%; share price falls

The net interest income (NII) increased 4% to ₹41,446 crore in the third quarter of the financial year 2024-25, compared to ₹39,815 crore in the corresponding period last fiscal.

The bank's total income advanced 8.69% to ₹1,28,467 crore in the December quarter of the current fiscal against ₹1,18,193 crore in the same period a year ago.

The gross non performing assets (Gross NPA) ratio improved by 35 basis points to 2.07% in the quarter under review, compared to 2.42% a year earlier. In the previous quarter, the gross NPA was 2.13%.

The net non-performing assets (Net NPA) ratio improved by 11 basis points to 0.53% in Q3 FY25 as against 0.64% in the same period a year ago. In the previous quarter, the net NPA was 0.53%.

SBI share price

Following the earnings, SBI shares were trading 0.55% lower at ₹761.80 apiece on the National Stock Exchange (NSE) at 2:43 p.m.

State Bank of India reported a 13.49% year-on-year (YoY) increase in credit, with domestic advances growing by 14.06% YoY. In an exchange filing, the bank stated that gross advances have exceeded ₹40 lakh crore.

The whole bank and domestic net interest margin (NIM) for the reporting quarter stood at 3.01% and 3.15%, respectively.

The lender's provisions were at ₹911 crore, compared to ₹688 crore in Q3 FY24 and ₹4,506 crore in Q2 FY25.

The bank said that 64% of new savings accounts were opened through its digital banking platform, YONO, in the December quarter. The platform has 8.45 crore registered customers.

On a consolidated basis, SBI Group's post-tax profit rose 70.39% to ₹18,853.16 crore in Q3 FY25 over ₹11,064.14 crore in the same period of FY24.