SBI Q3 Results: 85% surge In Net Profit, At ₹16,891 Crore

State Bank of India (SBI) has reported an impressive 85% surge in its net profit for the third quarter, reaching ₹16,891 crore, up from ₹9,164 crore in the same period last year. The strong profitability is attributed to steady growth in net interest income, healthy growth in other income, and relatively lower credit costs, according to analyst estimates.

Net interest income (NII), which represents the difference between interest earned and interest expended, rose 4% year-on-year to ₹41,446 crore. This growth is slightly lower than expected, mainly due to the increase in deposit costs outpacing the yield on advances. As a result, the Net Interest Margin (NIM) saw a slight sequential decline.

The bank also saw robust growth in domestic and overseas advances. Domestic advances grew 15.55% YoY to ₹33.33 lakh crore, with the highest growth coming from corporate advances at 18.35%. The retail segment saw a 12.32% increase in advances.

Despite higher slippages due to seasonal factors, provisions remained stable sequentially, reflecting SBI’s strong overall financial health and growth trajectory.