State Bank of India books over Rs 14,000-cr profit in its best performance

A healthy rise in NII and a sharp drop in credit costs boost bottom-line

State Bank of India (SBI) registered its highest-ever quarterly net profit of Rs 14,205 crore in the October-December 2022 period – a jump of 68.47 per cent year-on-year (YoY). Robust growth in net profit, which beat analyst estimates, came on the back of a healthy net interest margin (NIM) and a sharp decline in loan loss provisions. Bloomberg data showed analysts estimated a net profit of Rs 13, 212 crore in Q3FY23.

The country’s biggest lender posted a net profit of Rs 8,432 crore in Q3FY22. On a sequential basis, the Q3FY23 figure was 7.09 per cent higher; the net