SBI Q3 net profit drops 7% to Rs 5,196 cr on higher provisions

February 04, 2021 14:52

Government-owned State Bank of India (SBI) on Thursday reported 7 per cent year-on-year drop in net profit at Rs 5,196 crore for December quarter due to increase in provisions against bad loans.

India's largest public sector bank had posted a net profit of Rs 5,583 crore in Q3 FY20. On a quarterly basis, the profit after tax grew by 13.6 per cent from Rs 4,574 crore reported in the September quarter (Q2 FY21).SBI registered an operating profit of Rs 17,333 crore in Q3 FY21 as compared to Rs 16,460 crore in Q2 FY21, marking an increase of 5.3 per cent sequentially. On a year-on-year basis, the operating profit came down by 4.8 per cent.

"Excluding the one-off interest income and other income during Q3 FY20, the year-on-year growth in net profit and operating profit would be 133.78 per cent and 26.23 per cent respectively," it said in regulatory filings at stock exchanges.

The net profit for 9M FY21 at Rs 13,960 crore increased by 28 per cent year-on-year as against Rs 10,907 crore in 9M FY20.SBI said its net interest income for Q3 FY21 increased by 2.27 per cent sequentially and 3.75 per cent year-on-year. The domestic NIM for the quarter at 3.34 per cent remained stable sequentially. -- ANI

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