State Bank of India reported over 70 per cent year-on-year jump in profit
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updated on 17 Feb 2017
State Bank of India, the country’s largest lender, on Friday reported over 70 per cent year-on-year jump in net profit for the quarter ended December 31, 2016, along with stable asset quality.
Here are the top five takeaways from SBI’s third quarter earnings:
Net profit: The public sector lender reported a consolidated net profit of Rs 2,152.23 crore, up 70.88 per cent from Rs 1,259.49 crore reported for the corresponding quarter last year. On a standalone basis, the bottom line figure of the company jumped 134 per cent on year-on-year basis to Rs 2,610 crore.
Other income: A spurt in other income mainly supported by the bottom line figures of the public sector lender. Consolidated and standalone other income of the bank increased 40 per cent and 58.73 per cent year on year to Rs 17,798.43 crore and Rs 9,661.92 crore, respectively.
Net interest income: Consolidated net interest income jumped 4.38 per cent year on year to Rs 19,659.36 crore. However, the standalone NII number advanced 7.7 per cent year on year to Rs 14,751.54 crore.
Asset quality: Asset quality of the bank stood almost stable during the quarter with the share of gross non-performing assets rising to 7.23 per cent in December quarter from 7.14 per cent in September quarter and 5.10 per cent in the year-ago quarter.
Total expenditure: Consolidated total expenditure of the bank increased 10.20 per cent on a year-on-year basis to Rs 60,366.66 crore, while standalone expenditure jumped 10.53 per cent YoY to Rs 41,044.25 crore.