SBI Q3 net down 6.93% at Rs 5,196 cr, asset quality improves despite Covid

Net Interest Income up 3.75% to Rs 28,820 cr

The country’s largest lender, State Bank of India, saw its net profit fall by 6.93 per cent to Rs 5,196 crore in the December quarter of financial year 2020-21 (Q3FY21) from Rs 5,583 crore in the corresponding quarter last year. The dip was a result of a surge in interest income in Q3FY20 because of a one-time recovery in Essar Steel account of Rs 4,039 crore.

Its asset quality profile improved even if one accounts for the impact when the Supreme Court vacates the interim stay on recognising non-performing assets (NPAs). The pro-forma gross NPAs were 5.44 per cent in Q3,