State Bank of India Q3 net profit at Rs 3,954 cr; NII rises by 21.42%

Control on slippages and lower overhead expenses boosted bottom line

State Bank of India, the country’s largest lender, posted a net profit of Rs 3,954 crore for the third quarter ended December 31, 2018, (Q3FY19) on substantial improvement in interest margins and control over slippages.

It had posted a net loss of Rs 2,416 crore in the third quarter of December 2017 (Q3FY18). Net profit in the second quarter of the current financial year was Rs 944 crore.

Despite reporting better profits over Q2, the SBI stock closed 3 per cent lower at Rs 284 per share on BSE.

The bank attributed profits in Q3FY19 to domestic credit growth (15.65 per cent) and