SBI Q3 profit jumps 134 pct to Rs. 2610 crore

Country's largest lender State Bank of India on Friday announced its results with a profit of Rs. 2,610 crore in October-December quarter with a whopping 134 percent growth over Rs. 1,115.34 crore in year-ago quarter.

Strong growth was on account of low base in Q3FY16 that had impacted by provisions. Profitability was also driven by other income and operating profit.

The net interest income of the bank, which is the difference between interest earned and interest expended, grew by 7.7 percent year-on-year to Rs. 14,754.54 crore in the quarter ended December 2016, with loan growth of 4.06 percent (one percent sequential) at Rs. 14.47 lakh crore YoY.

Also, the deposits during the quarter jumped 22.1 percent to Rs. 20.40 lakh crore as compared with corresponding period of last fiscal and sequentially increased 9.7 percent.

Earnings beat analysts' expectations. Profit was expected at Rs. 2,496 crore and net interest income at Rs. 14,452 crore for the quarter.

The bank also announced an increase in its gross non-performing assets as a percentage of gross advances by nine basis points to 7.23 percent, and the net NPAs rose five basis points to 4.24 percent compared with previous quarter.