India’s largest public lender State Bank of India (SBI) declared its October-December results for the financial year 2022-23 (Q3FY23) on Friday i.e. February 3, 2023. The Mumbai-based lender reported a profit hike of 68.5% in the third-quarter.
The net profit rose to Rs 14,205 crore ($1.74 billion) for the quarter ended December 31, 2022 as against Rs 8,432 crore in the corresponding quarter of last year, SBI said in a regulatory filing.
SBI’s net interest income (NII) rose 24% to Rs 38,068 crore from Rs 30,687 crore year-on-year (YoY) while domestic net interest margin (NIM) for Q3FY23 increased by 29 bps YoY to 3.69%.
“Profits are not on par with expectations; NPA decline seen with most banks, so it’s not surprising,” said Mahantesh Sabarad, Independent Market Expert on the numbers of State Bank of India.
