New Delhi, February 4
Country’s largest lender State Bank of India (SBI) on Thursday posted nearly 7% fall in its standalone net profit at Rs 5,196.22 crore for the third quarter ended December.
The bank had posted net profit of Rs 5,583.36 crore in the October-December period of the previous fiscal.
Total income (standalone) also fell marginally to Rs 75,980.65 crore during Q3FY21, as against Rs 76,797.91 crore in the same period of 2019-20, SBI said in a regulatory filing.
On a consolidated basis, the bank posted a 5.8% fall in net profit at Rs 6,402.16 crore during the quarter under review, as against Rs 6,797.25 crore in the year-ago period.
The bank’s asset quality improved substantially as the gross non-performing assets fell to 4.77% of the gross advances as of December 31, 2020 from 6.94% in the corresponding period a year ago.
Provisions for bad loans and contingencies for the quarter spiked to Rs 10,342.39 crore, from Rs 7,252.90 crore a year earlier.
The shares of SBI were trading 2.02 per cent up at Rs 342.65 apiece on the BSE. — PTI