India’s largest public sector lender, State Bank of India (SBI) on Thursday reported an impressive 84.32 percent rise in net profit (year-on-year) for the October-December quarter (Q3 FY25) to Rs 16,891 crore from Rs 9,164 crore in the same period a year ago.
The profit surge was driven by higher core income during the quarter. According to the bank’s stock exchange filing, net interest income (NII), or core income, rose 4.09 percent to Rs 41,445.5 crore compared to a year ago.
Gross NPA ratio improved to 2.07 percent as of December 31, 2024, against 2.13 percent in the September quarter. On a sequential basis, the net NPA ratio remained unchanged at 0.53 percent as of December 31, 2024.
The bank’s ROA and ROE for the nine months of this fiscal (FY25) stood at 1.09 percent and 21.46 percent, respectively. Employee expenses declined 17 percent to Rs 16,074 crore and SBI’s domestic loan grew 14.06 percent year-on-year. Provisions rose 32.4 percent from last year to Rs 911.06 crore.
Operating profit for Q3 FY25 grew 15.81 percent year-on-year to Rs 23,551 crore. SBI recorded loan growth of 13.49 percent year-on-year, with domestic advances growing 14.06 percent, while gross advances crossed Rs 40 lakh crore (year-on-year).
According to its filing, the overall bank deposits grew 9.81 percent year-on-year, of which current account savings account (CASA) deposits grew 4.46 percent year-on-year. The CASA ratio stood at 39.20 percent as on December 31.
While advances to foreign offices grew 10.35 percent, SME advances grew 18.71 percent, followed by agriculture advances at 15.31 percent. Meanwhile, corporate advances and retail personal advances grew 14.86 percent and 11.65 percent, respectively.
Shares of the bank were trading 1.81 percent lower at Rs 752.2 per share after the third quarter results.
