A Bloomberg poll of 21 analysts had expected the state-owned lender to report a profit of ₹2292.8 crore
Gross NPAs were at 7.19% in the September quarter, compared with 7.53% in the June quarter
Mumbai: State Bank of India (SBI) on Friday said its net profit for September quarter more than tripled on the back of higher net interest income and other income.
The bank reported a net profit ₹3011.73 crore for the three months ended September compared with ₹944.87 crore in the year-ago period. A Bloomberg poll of 21 analysts had expected the state-owned lender to report a profit of ₹2292.8 crore.
At 2:53pm, shares of SBI traded 7% higher at Rs281.90 apiece, while the benchmark Sensex was down 0.25% at 38,923.84 points.
The bank’s net interest income, or the difference between interest earned on loans and paid on deposits, rose 17.7% year-on-year to ₹24600.32 crore.
Other income, which includes core fee income, rose 9.26% to ₹8538.39 crore in the reporting quarter.
Provisions during the quarter increased 8.7% to ₹13138.93 crore. In the April-June quarter, the bank had set aside ₹9812.94 crore in provisions.
Gross non-performing assets (NPAs), as a percentage of total advances, were at 7.2% in the September quarter compared with 7.5% in the June quarter and 9.95% in the year-ago quarter.
Post provisions, net NPA ratio was at 2.79% against 3.07% in the April-June quarter and 4.84% in the year-ago quarter.
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