SBI Q3 results: Net profit surges 62% to Rs 8,432 cr on lower provisions

The bank's gross bad loan ratio, a measure of asset quality, fell to 4.5% from 4.90% a quarter earlier

Country's largest public sector lender State Bank of India on Saturday reported 62% jump in net profit at Rs 8,432 crore for the quarter ending December, 2021, helped by lower provisions for bad loans. The Mumbai-based lender reported net profit of Rs 5,196 crore in the year-ago period.

"Bank has registered its highest quarterly net profit of Rs 8,432 crore in Q3FY22. This represents an increase of 62.27% YoY," SBI said in a regulatory filing.

Most Indian banks have reported stronger profits for the December quarter on improved lending in the final months of the year as coronavirus restrictions were