SBI Q3 net profit falls 7% to ₹5,196 crore

The bank's asset quality improved substantially as the gross non-performing assets fell to 4.77 per cent of the gross advances as of December 31, 2020 from 6.94 per cent in the corresponding period a year ago.

Country's largest lender State Bank of India (SBI) on Thursday posted nearly 7 per cent fall in its standalone net profit at ₹5,196.22 crore for the third quarter ended December.

SBI has about 40,000 small businesses who have, so far, availed of the facility to ease repayment conditionsmint (MINT_PRINT)

The bank had posted net profit of ₹5,583.36 crore in the October-December period of the previous fiscal.

Total income (standalone) also fell marginally to ₹75,980.65 crore during Q3FY21, as against ₹76,797.91 crore in the same period of 2019-20, SBI said in a regulatory filing.

On a consolidated basis, the bank posted a 5.8 fall in net profit at ₹6,402.16 crore during the quarter under review, as against ₹6,797.25 crore in the year-ago period.

The bank's asset quality improved substantially as the gross non-performing assets fell to 4.77 per cent of the gross advances as of December 31, 2020 from 6.94 per cent in the corresponding period a year ago.

In value terms, the gross NPAs or bad loans stood at ₹1,17,244.23 crore, as against ₹1,59,661.19 crore.

Likewise, the net NPAs were down 1.23 per cent at ₹29,031.72 crore, as against 2.65 per cent (at ₹58,248.61 crore).

Provisions for bad loans and contingencies for the quarter spiked to ₹10,342.39 crore, from ₹7,252.90 crore a year earlier.

The shares of SBI were trading 2.02 per cent up at ₹342.65 apiece on BSE.