SBI Q3FY22 YoY net profit up 62% at over Rs 8000 crore

SBI reported its highest quarterly net profit at Rs 8,432 crore in Q3FY22.

New Delhi: Lending major State Bank of India (SBI) on Saturday reported its highest quarterly net profit at Rs 8,432 crore in Q3FY22. Accordingly, the net profit represents an increase of 62.27 per cent rise on YoY basis. The bank had reported a net profit of Rs 5,196 crore during the corresponding period of the previous fiscal.

Besides, the lending major`s net interest income grew by 6.48 per cent to Rs 30,687 crore during the quarter ended December 31, 2021, compared to Rs 28,820 crore in the corresponding period of the previous fiscal.

Furthermore, the bank`s `Gross NPA` ratio stood at 4.50 per cent, down by 94 bps on a YoY basis.

The `Net NPA` ratio stood at 1.34 per cent, down by 47 bps YoY, taking into "consideration proforma NPAs as on December 2020".

"On an unadjusted basis, AGross NPA ratio is down by 27 bps YoY while Net NPA ratio is up by 11 bps YoY," the bank said. Also Read: Apple Music cuts free trial period after 3 years from 3 months to 1 month

In addition, its Provision Coverage Ratio` (PCR) as at the end of Q3FY22 stood at 88.32 per cent. Also Read: Flipkart Big Bachat Dhamaal sale: Check offers on smartphones, televisions