On February 6, State Bank of India Ltd (SBI) announced an 84% rise in net profit to Rs 16,891 crore for the quarter ending December 31, 2024, surpassing expectations. The PSU lender announced a net profit of 9,164 crore during the same period last year.
The bank’s net interest income rose by 4% to Rs 41,446 crore compared to Rs 39,816 crore during the same period last year. The bank’s staff costs decreased by 17% to Rs 16,074 crore. SBI’s domestic lending increased by 14.06% compared to the previous year.
The Whole Bank and Domestic net interest margins (NIM) for 9MFY25 are reported to be 3.12 percent and 3.25 percent, respectively, as per the press release. The Whole Bank and Domestic NIM for Q3FY25 are at 3.01 percent and 3.15 percent, respectively.
As per a Moneycontrol survey of six brokerages, SBI was anticipated to show a 64 percent increase in net profit year-on-year, reaching Rs 15,075 crore in Q3FY25. NII was projected to experience a 6% increase to Rs 42,050 crore.
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A year ago, SBI recorded a one-time impact of Rs 7,100 crore on its profit, as it allocated additional provisions for salary adjustments and pension expenses.
SBI’s Q3FY25 operating profit decreased by 20% sequentially, with provisions rising to Rs 911 crore compared to the previous year but falling compared to the last quarter.
