Latest Market Updates : SBI, the biggest public sector bank in the nation, released its results for the December quarter today. The bank’s October–December quarter standalone profit dropped by 35% to Rs 9,164 crore. The bank’s earnings for the same period previous year was Rs 14,205.34 crore. As a result of accounting for one-time exceptional charges totaling Rs 7,100 crore, the bank stated its profit dropped. With interest income of Rs 105,733.78 crore for the December quarter, the bank’s earnings for the same period last year increased by 22%. The bank received interest income totaling Rs 86,616.04 crore during the December quarter of the previous year. Over Rs 66,918 crore in interest was paid by the bank in the December quarter. Thus, the bank’s Net Interest Income (NII) stood at 38,816 crore rupees. That’s 4.59% greater than the previous year. For the December quarter, the bank’s operational profit was Rs 20,336 crore.
According to the bank’s disclosure to the stock market, standalone net profit rose by 20.40% to Rs 40,378 crore in the first nine months of the 2024 fiscal year. In the same time frame the previous year, it was Rs 33,538 Cr. SBI reported to the stock market that its overall income for the quarter ended December 2023 was Rs 1,18,193 crore, up from Rs 98,084 crore in the same quarter of the previous fiscal year. From Rs 86,616 crore in the same quarter of the previous financial year to Rs 1,06,734 crore in the quarter under review, the bank’s interest income climbed. total non-performing assets (NPAs) for the bank decreased to 2.42 percent of total loans by December 2023, up from 3.14 percent in the previous year. In a similar vein, net NPA decreased from 0.77 percent to 0.64 percent at the end of the third quarter of last year.
SBI profit also fell
Consolidated, the net profit of the SBI Group decreased by 29% from Rs 15,477 crore in the same quarter of the previous fiscal year to Rs 11,064 crore in the December 2023 quarter. Nonetheless, compared to the same quarter of the previous fiscal year, when it was Rs 1,27,219 crore, overall income in the reviewed quarter climbed to Rs 1,53,072 crore. The bank bought all 20 percent of SBI Capital Markets Limited (SBICAPS) in SBI Pension Funds Private Limited during the December 2023 quarter. As a result, the bank’s ownership of SBI Pension Funds Private Limited climbed from 60% to 80%. The total transaction value was Rs 229.52 crore.