The bank had posted a consolidated net profit of Rs 3,354.94 crore for the year-ago period, SBI said in a filing to the Bombay Stock Exchange.
The net interest income of the company on a consolidated basis increased by 40 percent to Rs 12,306 crore during the quarter under review, as against Rs 8,782 crore in the same quarter a year ago.
SBI's total income increased by 14.7 percent to Rs 36,966.87 crore in the October-December quarter of 2010 from Rs 32,231.45 crore in the same quarter last fiscal.
On a standalone basis, SBI's net profit grew 14 percent to Rs 2,828.06 crore in the third quarter from Rs 2,479.05 crore in the year-ago period.
At the same time, SBI's total income on a standalone basis improved to Rs 24,726.73 crore from Rs 21,145.4 crore in the same quarter of the previous year, translating into an increase of 17 percent.
However, the Gross Non-Performing Assets (NPAs) of the bank rose to 3.17 percent at the end of December, 2010, from 3.11 percent at the end of December, 2009.
As a result, provisioning against bad loans jumped nearly three-fold to Rs 1,632 crore in the third quarter of the ongoing fiscal from Rs 514 crore in the same period a year ago.
For the nine months ended December, 2010, SBI's net profit on a consolidated basis rose by 4 percent to Rs 9,710.7 crore from Rs 9,340.5 crore in the same period a year ago.
The bank reported a total income of Rs 1,07,700.37 crore in the first nine months, compared to Rs 98,465.8 crore in the corresponding period of the previous financial year.
On a standalone basis, SBI clocked a 13 percent rise in net profit to Rs 8,244.64 crore in April-December, 2010, as against Rs 7,299.45 crore in the same period a year ago.
The bank's total standalone income improved by 11.3 percent to Rs 70,682.12 crore from Rs 63,487.95 crore in the year-ago period.
During the nine-month period, Rs 986.66 crore provisioned in lieu of employee wages in the previous quarters was restored to the company's balance sheet, as the actual outgo was lower than anticipated.