SBI Q3 results: Net profit rises 84% YoY to Rs 16,891 crore, NII up 4%

SBI Q3 results: SBI share price fell 2.1 per cent to Rs 750 per share intraday before settling 1.6 per cent lower at Rs 754 per share on the BSE

SBI Q3 results: State Bank of India (SBI), on Thursday, reported a standalone net profit of Rs 16,891.44 crore for the quarter ended December 31, 2024 (Q3FY25), clocking a jump of 84.3 per cent year-on-year (Y-o-Y).    

SBI had reported a net profit of Rs 9,160 crore in the corresponding quarter of the previous fiscal (Q3FY24).

 

On a quarter-on-quarter (Q-o-Q) basis, the public sector bank's Q3 profit fell 7.8 per cent as against a profit of Rs 18,330 crore reported in Q2FY25.

 

On the bourses, SBI share price dropped to the day's low after Q3 results announcement. SBI share price fell 2.1 per cent to Rs 750 per share intraday before settling 1.6 per cent lower at Rs 754 per share. By comparison, the BSE SEnsex ended 0.27 per cent weak on Thursday. 

 

 

Brokerages had estimated SBI's Q3FY25 profit to surge between 65 per cent and 86 per cent Y-o-Y. 

 

Operationally, SBI's net interest income (NII) came at Rs 41,446 crore for the quarter under study, up 4 per cent Y-o-Y. SBI's Q3FY24 NII was Rs 39,820 crore. 

Sequentially, SBI's Q3FY25 NII was 0.4 per cent lower than Rs 41,620-crore net interest income reported in Q2FY25.

 

SBI's Q3 operating profit increased 15.8 per cent to Rs 23,550.81 crore from Rs 20,336.08 crore reported in the December quarter of FY24. Sequentially, however, it fell 19.6 per cent from Rs 29,293.74 crore seen in Q2FY25. 

 

The bank's net interest margin (NIM) contracted sharply to 3.01 per cent in Q3FY25 from 3.14 per cent Q-o-Q.

SBI Q3 asset quality

In the December quarter, SBI reported gross non-performing assets (GNPAs) at Rs 84,360.38 crore as against Rs 86,748.81 crore in Q3FY24. Sequentially, GNPAs climbed from Rs 83,369.23 crore reported in Q2FY25.  READ: KP Green Energy Q3 results: Net profit grows to Rs 25 crore on high income

 

Similarly, NNPA rose to Rs 21,377.64 crore at the end of Q3FY25 from Rs 20,294.32 crore Q-o-Q. In Q3FY24, NNPAs were Rs 22,408 38 crore.

 

In terms of NPA ratio, GNPA ratio was 2.07 per cent at the end of Q3FY25 vs 2.14 per cent Q-o-Q. NNPA, meanwhile, was flat at 0.53 per cent.

 

That apart, SBI created provisions worth Rs 911.06 crore during the quarter under review, higher than the provisions worth Rs 687.8 crore set aside in Q3FY24. Compared to the September quarter of the current fiscal year, SBI's provisions fell from Rs 4,505.73 crore.

 

The credit costs at the end of Q3FY25 inched up to 0.24 per cent from 0.21 per cent Y-o-Y. 

Its Slippage Ratio was 0.39 per cent in Q3FY25 vs 0.58 per cent Y-o-Y/0.51 per cent Q-o-Q.

SBI Q3 loans and deposits

State Bank of India's Gross Loans crossed the Rs 40-trillion mark during the December 2024 quarter with Gross Advances reaching Rs 40,67,752 crore, up 13.5 per cent Y-o-Y from Rs 35,84,252 crore. Over the September quarter, gross loans were up 3.75 per cent from Rs 39,20,719-crore loans in Q2FY25.  READ: Trent Q3 results: Net profit rises 34% to Rs 497 crore, revenue up 34.3%

 

During the quarter, SBI's Corporate Loans climbed 14.86 per cent Y-o-Y/1.65 per cent Q-o-Q to Rs 11,76,303 crore, while Domestic Retail Loans increased 11.65 per cent Y-o-Y/3.6 per cent Q-o-Q to Rs 14,47,337 crore. Of these, Homes Loans climbed 14.26 per cent Y-o-Y/3.75 per cent Q-o-Q to Rs 7,92,827 crore.

 

On the Deposits side, Gross Deposits increased 9.81 per cent Y-o-Y/2.81 per cent Q-o-Q to Rs 52,29,384 crore, driven by 13.47 per cent Y-o-Y/3.5 per cent Q-o-Q rise in Term Deposits (Rs 30,48,623 crore). Domestic CASA Deposits were up 4.46 per cent Y-o-Y/down 0.03 per cent Q-o-Q at Rs 19,65,237 crore.