SBI Reports 84% Surge in Q3 Net Profit to Rs 16,891 Crore, Outperforming Expectations

State Bank of India (SBI) saw a remarkable 84% increase in its net profit, which amounted to Rs 16,891 crore for the quarter ending December 31, 2024. This was much higher than what analysts had predicted. In contrast, the bank had reported a net profit of Rs 9,164 crore in the same quarter the previous year, showing significant growth in its earnings.

The bank’s net interest income (NII) rose by 4%, reaching Rs 41,446 crore, up from Rs 39,816 crore in the previous year. SBI's employee expenses also saw a decline of 17%, amounting to Rs 16,074 crore. Domestic loan growth was strong, up 14.06% year-on-year.

For the first nine months of FY25, SBI reported Whole Bank and Domestic Net Interest Margins (NIM) of 3.12% and 3.25%, respectively. For Q3FY25, Whole Bank and Domestic NIM stood at 3.01% and 3.15%.

A Moneycontrol poll of six brokerages had estimated a 64% year-on-year rise in net profit to Rs 15,075 crore for the quarter. NII was projected to increase by 6% to Rs 42,050 crore.

Despite the positive results, SBI's shares were trading 1.7% lower at Rs 753 apiece as of 2:15 pm on February 6.