Staff cost hits SBI’s bottom line

Mumbai: State Bank of India (SBI), which saw a sharp 35 per cent fall in its December quarter net profit due to a one-time expenditure towards increased salaries and pensions, said the burden will jump to around Rs26,000 crore by March this year.

India’s largest lender on Saturday reported a steep decline of 35 per cent in its net income at Rs9,164 crore during October-December 2023 compared to Rs14,205 crore profit recorded in the corresponding period a year ago and Rs14,330 crore earned in the preceding quarter.