SBI Q3 result: Net profit slips 7% YoY to Rs 5,169 cr on higher provisions

Total provisions for the quarter were Rs 10,342.39 crore, of which provisions for NPA were Rs 2,290.38 crore

India’s biggest public sector bank (PSB) State Bank of India (SBI) on Thursday reported a 6.9 per cent year-on-year (YoY) drop in standalone net profit at Rs 5,196.22 crore for quarter ending December, 2020 (Q3FY21). The fall was largely driven by marginal increase in provisions against bad loans.
 

In the year-ago period, the lender had clocked a net profit of Rs 5,583.4 crore. On a quarterly basis, the PAT grew 13.6 per cent from Rs 4,574.2 crore reported in the September quarter of FY21 (Q2FY21).
 

The bottom-line earning beat Street estimates which had factored-in an up to 58 per cent