SBI Q3 profit falls 7%, NII growth at 3.7% meets estimates

Financial powerhouse State Bank of India reported a 7 percent year-on-year decline in net profit at Rs 5,196.22 crore for the quarter ended December 2020, according to an exchange filing on February 4.

Net interest income, rose 3.7 percent as compared to last year to ₹28,819.94 crore, exceeding the analysts estimate of ₹28,400 crore. Profit was estimated at 5,332.1 crore by analysts polled by CNBC-TV18.

SBI’s gross NPA ratio stood at 4.77% compared with 5.28% in the preceding three months. Its net NPA ratio was down at 1.23% by 36 basis points sequentially.

The bank had reported its highest ever quarterly profit in December 2019, ₹11,000 crore of which was inflated by the recovery of the Essar Steel account under the Insolvency & Bankruptcy Code.

 

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