Q3FY23 results: Net profit of SBI jumps by 62% to Rs 15,477 cr

Mumbai: Country's largest lender State Bank of India (SBI) on Friday reported a 62 percent growth in its net profit at Rs 15,477 crore during the quarter that ended on December 2022. On a standalone basis, the lender's net post-tax profit grew to Rs 14,205 crore during the October-December 2022 period, which was up from Rs 8,432 crore in the year-ago period and Rs 13,265 crore in the preceding July-September quarter.

'Total income of SBI grew to Rs 98,084 cr from Rs 78,351 cr'

"The public sector lender's total income grew to Rs 98,084 crore from Rs 78,351 crore in the year-ago period, while the operating expenses were up at Rs 24,317 crore from Rs 20,839 crore," said the filing.

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The provisions for non-performing assets nearly halved to Rs 1,586 crore for the reporting quarter. The gross non-performing assets ratio reduced to 3.14 percent as against 3.52 percent three months ago and 4.50 percent in the year-ago period.

The SBI scrip gained 3.12 percent to close at Rs 544.45 a piece on the BSE, as against a 1.52 percent jump on the benchmark.

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