Mumbai, Feb 6: The State Bank of India (SBI) has reported a remarkable 84.32% year-on-year (YoY) increase in net profit, reaching Rs 16,891 crore for Q3FY25. This strong growth was driven by higher operating profit and better asset quality.
SBI's operating profit for the quarter stood at Rs 23,551 crore, reflecting a 15.81% YoY growth. The bank's Net Interest Income (NII) grew by 4.09% YoY to Rs 41,446 crore, while the Return on Assets (ROA) improved to 1.04%, up by 42 basis points (bps) compared to the previous year.
The bank's Net Interest Margin (NIM) for domestic business reached 3.15% in Q3FY25. SBI also saw strong credit growth, with total advances surpassing Rs 40 lakh crore. The credit growth stood at 13.49% YoY, with domestic advances increasing by 14.06% YoY and foreign office advances growing by 10.35% YoY.
In terms of segments, SME lending grew by 18.71% YoY, followed by agriculture loans at 15.31% YoY. Corporate advances rose by 14.86% YoY, while retail personal advances grew by 11.65% YoY. On the deposit side, total deposits grew by 9.81% YoY, with the Current Account Savings Account (CASA) ratio at 39.20% as of December 31, 2024.
SBI also showed an improvement in asset quality, with the Gross NPA ratio reducing to 2.07%, a 35 bps YoY improvement. The Net NPA ratio also improved by 11 bps YoY to 0.53%, highlighting better risk management and recoveries. The Provision Coverage Ratio (PCR) rose to 74.66%, an increase of 49 bps YoY, and the slippage ratio improved by 19 bps YoY to 0.39%, further bolstering the bank's financial stability.
Regarding capital, the Capital Adequacy Ratio (CAR) stood at 13.03% at the end of Q3FY25, indicating a solid capital position.
