SBI Q3 Results: Net Profit Jumps 84.32% To Rs 16,891 Cr; Asset Quality Improves

State Bank of India (SBI), the largest public sector bank in the nation, announced its financial results for the quarter and nine months that concluded on December 31, 2024. The Q3FY25 net profit of Rs 16,891 crores is an 84.32% YoY growth over the Rs 9,164 Cr in the same quarter of the previous fiscal year. In Q3FY25, operating profit increased 15.81% year on year to Rs 23,551 crores. The bank's ROA, which was 1.04% for the quarter, is up 42 basis points YoY, while its ROE and ROA for the 9MFY25 are 1.09% and 21.46%, respectively. According to SBI, its Net Interest Income (NII) for Q3FY25 climbed from Rs 39,816 Cr in Q3FY24 to Rs 41,446 Cr in Q3FY25, a YoY rise of 4.09%.

According to SBI, its whole bank and domestic NIM for Q3FY25 are 3.01% and 3.15%, respectively, while for 9MFY25 they are 3.12% and 3.25%. The bank's credit grew 13.49% year on year, while its domestic advances grew 14.06 per cent. Over 40 lakh crores in gross advances have been made. According to SBI, its whole bank deposits climbed 9.81% year on year, with CASA deposits up 4.46%. The CASA ratio as of December 31st is 39.20%.

SBI reported a 35 basis point YoY improvement in its Gross Non-Performing Asset (NPA) ratio of 2.07% and an 11 basis point YoY improvement in its Net NPA ratio of 0.53%. At 74.66%, the Provision Coverage Ratio (PCR) climbed by 49 basis points year over year. According to SBI, its 9MFY25 Slippage Ratio climbed 8 basis points year on year to 0.59%. The Q3FY25 slippage ratio improved 19 basis points year on year to 0.39%. The bank's Capital Adequacy Ratio (CAR) at the end of Q3FY25 is 13.03%, while its Credit Cost for Q3FY25 is 0.24%.

According to SBI, YONO was used to digitally acquire 64% of SB accounts, while the share of alternate channels in total transactions rose from around 97.7% in 9MFY24 to about 98.1% in 9MFY25. For the first time, SBI said that its customer credit has exceeded the Rs 6 trillion milestone.