The State Bank of India (SBI) disclosed a 35 percent decrease in autonomous net earnings to Rs 9,164 crore for the December quarter of the fiscal year 2023-24. The leading financial institution in the nation registered a net profit of Rs 14,205 crore during the same period in the preceding fiscal year.

 

The bank stated that its overall revenue surged to Rs 1,18,193 crore in the third quarter of the present fiscal year, contrasting with Rs 98,084 crore in the corresponding period of the prior year, as articulated in a regulatory submission.

During the quarter, the bank generated interest revenue totaling Rs 1,06,734 crore, indicating an escalation from Rs 86,616 crore documented in the corresponding period of the previous year.

 

The gross Non-Performing Assets (NPA) of the bank, relative to the total advances, diminished to 2.42 percent by the end of December, down from 3.14 percent at the termination of the third quarter in the prior year. Similarly, net Non-Performing Assets (NPAs) also alleviated to 0.64 percent compared to 0.77 percent at the conclusion of the same period a year ago.

 

The consolidated net profit for the SBI Group observed a 29 percent downturn, totaling Rs 11,064 crore, in contrast to Rs 15,477 crore in the corresponding quarter of the preceding year. Meanwhile, total income escalated to Rs 1,53,072 crore compared to Rs 1,27,219 crore in the first quarter of the prior fiscal year.

 

In the quarter under scrutiny, the bank acquired the entire 20 percent stake formerly held by SBI Capital Markets Ltd (SBICAPS) in SBI Pension Funds Pvt Ltd. Consequently, the bank’s ownership in SBI Pension Funds Pvt Ltd has surged from 60 percent to 80 percent. The transaction was executed at a valuation of Rs 229.52 crore.