SBI net profit declines 35% to Rs 9,164 crore in Q3

India's largest lender SBI on Saturday reported a 35% fall in standalone net profit to Rs 9,164 crore for the December quarter. State Bank of India (SBI) had earned a net profit of Rs 14,205 crore in the year-ago period.

The bank's total income rose to Rs 1,18,193 crore in the third quarter of the ongoing fiscal as against Rs 98,084 crore in the same period a year ago, the bank said in a regulatory filing.

During the quarter, the bank earned interest income of Rs 1,06,734 crore as against Rs 86,616 crore in the same period a year ago.

The bank's gross Non-Performing Assets (NPA) of the total advances declined to 2.42% at December-end from 3.14% at the end of the third quarter of last year.

Similarly, net Non-Performing Assets (NPAs) also eased to 0.64% against 0.77% at the end of the same period a year ago.

On a consolidated basis, SBI Group's net profit slipped 29% to Rs 11,064 crore as against Rs 15,477 crore in the same quarter a year ago.

However, total income increased to Rs 1,53,072 crore as compared to Rs 1,27,219 crore in the first quarter of the previous fiscal.

During the quarter under review, the bank acquired the entire 20% stake held by SBI Capital Markets Ltd (SBICAPS) in SBI Pension Funds Pvt Ltd.

With this, the bank's stake in SBI Pension Funds Pvt Ltd has increased from 60% to 80%, it said, adding that the consideration paid for the transaction is Rs 229.52 crore.