State Bank of India (SBI) reported an 84.32 per cent year-on-year (y-o-y) jump in third quarter standalone net profit at ₹16,891 crore against ₹9,164 crore in the year ago quarter, with the bottomline being supported by a moderate growth in net interest income and decline in operating expenses even as there was an increase in bad loans provisions.
Net interest income rose 4 per cent y-o-y to ₹41,446 crore (₹39,816 crore in the year ago quarter).
Other income declined about 4 per cent y-o-y to ₹11,041 crore (₹11,459 crore).
Operating expenses declined about 6.5 per cent y-o-y to ₹28,935 crore (₹30,939 crore).
Bad loans provisions increase 31 per cent y-o-y to ₹2,305 crore (₹1,757 crore).
