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Net Interest Income or core income of the lender increased by 4.1% from the same quarter last year to ₹41,446 crore. A CNBC-TV18 poll had projected the figure to be ₹42,592 crore.
Net profit for the lender stood at ₹16,801 crore at the end of the December quarter, a growth of 84% from last year and above expectations of ₹16,099 crore.
SBI’s asset quality remained stable on a year-on-year basis. Gross NPA ratio for the December quarter stood at 2.07% from 2.13% in the September quarter, while Net NPA stood at 0.53%, which is similar to the 0.53% in the previous quarter.
Provisions for the quarter stood at ₹911 crore. The figure last year stood at ₹688 crore, but for the previous quarter, the number stood at ₹4,506 crore.
India’s largest lender reported 14% loan growth during the quarter, while deposit growth stood at 10% from the same quarter last year.
Net Interest Margin (NIMs) for the quarter stood at 3.01% from 3.14% in the previous quarter.
In a post earnings interaction, SBI Chairman CS Setty said that the lender will see double-digit growth in unsecured personal loans.
The corporate book is holding up well as many corporates have deleveraged and underwriting standards have strengthened, Setty said.
On the MFI front, the SBI Chairman said that they have a MFI portfolio of ₹10,000 crore to ₹11,000 crore, which is very small, although they do see some stress in the industry.
Shares of State Bank of India are currently trading 1.8% lower post the earnings announcement at ₹752.7.
First Published: Feb 6, 2025 2:14 PM IST