SBI Q3 2021, reported the highest quarterly net profit, of up to 62 % YoY. The net profit rise to Rs 8,431.9 crore. The value is above the analyst’s expectation of around Rs 7,957 crore.
The sheer rise in the bottom line of the Bank was down to 32.6 % on-year decline in provisions to Rs 6,974 crore. While the analysts expected the provisions of Rs 6,173 crores for the bank.
Other provisions declined over the years, loan-loss provisions rose to Rs 3,096 crore in Q3, 2021. The earlier loan-loss provision was Rs 2,290 crore, in Q3 2020. Overall, Covid-19 related provisions stood at Rs 6,183 crore, SBI said, as per sources.
The country’s largest lender’s net interest income grew 6.5 % Year-on-Year(YoY) to Rs 30,687 crore, in Q3 2021. This was below the street’s estimate, which was around Rs 31,115 crore. But the net interest margin improved YoY to 3.4 %, above expected.
The overall credit grew at 8.5 % on-year with domestic loans growing at 6.5 %, this quarter. These values were largely in line with the estimations.
The loan growth in this quarter was reported to grow at 14.6 %. While home loans rose by 11.2 % on-year. The growth of corporate and small businesses has also hit during this quarter, SBI claimed, as per reports.
