SBI, India’s largest govt bank, earns Rs 1689100000 profit in just…, bank’s total income rises to…

The bank's total income rose to Rs 1,28,467 crore in the third quarter of the current fiscal against Rs 1,18,193 crore in the same period a year ago, SBI said in a regulatory filing.

New Delhi: India’s banking system has witnessed major changes in the last several decades. Today, banks are serving the credit and banking needs of the economy. On Thursday, the country’s largest lender SBI reported an 84 per cent jump in standalone net profit to Rs 16,891 crore in the December quarter. State Bank of India (SBI) had earned a standalone net profit of Rs 9,164 crore in the year-ago period.

The bank’s total income rose to Rs 1,28,467 crore in the third quarter of the current fiscal against Rs 1,18,193 crore in the same period a year ago, SBI said in a regulatory filing. During the quarter, the bank’s interest income grew to Rs 1,17,427 crore compared to Rs 1,06,734 crore a year ago.

On the asset quality front, the bank witnessed improvement with gross Non-Performing Assets (NPA) moderating to 2.07 per cent at December-end from 2.42 per cent at the end of the third quarter of the last year.

Similarly, net Non-Performing Assets (NPAs) also eased to 0.53 per cent against 0.64 per cent at the end of the same period a year ago. On a consolidated basis, SBI Group’s net profit rose by 70 per cent to Rs 18,853 crore over Rs 11,064 crore in FY24. Consolidated total income increased to Rs 1,67,854 crore over Rs 1,53,072 crore in the third quarter of the preceding fiscal.