SBI net profit up 68% to Rs 14,205 crore, net interest income up 24%

State Bank of India (SBI) has announced the results for the third quarter (Q3FY23) ending 31 December 2022 on Friday. The bank's net profit for the quarter stood at Rs 14,205.34 crore, up 68.47% year-on-year.
The bank's net profit stood at Rs 8,431.88 crore in the same quarter last year. At the same time, in the second quarter (Q2FY23) ending 30 September 2022, the bank's net profit was Rs 13,265 crore. This was the highest-ever quarterly net profit of SBI.
SBI's operating profit in the third quarter (October-December) increased by 36.16% year-on-year to Rs 25,219 crore. While SBI's Net Interest Income (NII) in Q3 grew by 24.05% to Rs 38,069 crore from Rs 30,687 crore in the same quarter last year.
Whereas in the second quarter (Q2FY23), SBI's net interest income was Rs 35,183 crore. The bank's net interest margin improved by 29 basis points to 3.69% in the third quarter from 3.55% in the September quarter and 3.4% in the same quarter last year. After the end of the third quarter, deposits of SBI increased by about 9.5% year-on-year to Rs 42.13 crore.
SBI's slippage ratio stood at 0.41% in Q3FY23 as against 0.33% in Q2 of this financial year. While the bank's credit cost increased by 28 basis points to 0.21% in Q3FY23.
In the third quarter, SBI's credit growth has grown by 17.60% on a year-on-year basis. On the other hand, there was an increase of 16.91% in the domestic advances of the bank on an annual basis. The Capital Adequacy Ratio (CAR) stood at 13.27% at the end of Q3FY23.
SBI shares closed at Rs 545.70 on Friday (February 3), up Rs 17.60, or 3.33%, on the NSE ahead of the announcement of its third-quarter results. It is expected that on Monday also a rise can be seen in the shares of SBI.