SBI :The bank’s net interest income rises 4% to Rs 41,446 crore; asset quality improves..

State Bank of India Ltd (SBI) on February 6 reported 84% increase in net profit at Rs 16,891 crore for the quarter ended December 31, 2024, thus beating estimates. The PSU lender reported net profit of 9,164 crore in the year-ago period.

The bank’s net interest income increased 4% to Rs 41,446 crore from Rs 39,816 crore in the year-ago period. The bank’s employee expenses dropped 17% to Rs 16,074 crore. SBI’s domestic loans grew 14.06% year-on-year.

Whole Bank and Domestic net interest margins (NIM) for 9MFY25 stand at 3.12 percent and 3.25 percent, respectively, according to the press release. Whole Bank and Domestic NIM for Q3FY25 stand at 3.01 percent and 3.15 percent, respectively.

 SBI was expected to report a 64 percent year-on-year rise in net profit to Rs 15,075 crore in Q3FY25. NII was expected to see a 6% rise at Rs 42,050 crores.