SBI Q3 Results 2021: Declared! Profit and home loan business register growth - Check highlights

SBI Q3FY21 Results: On account of the rise in home loan business and deposit growth, the State Bank of India (SBI) has reported 13.6 per cent sequential growth in its net profit for the October to December 2020 quarter.

State Bank of India announced these numbers while making its FY 2020-21 third-quarter results of the largest commercial bank of India. Photo: Reuters

SBI Q3FY21 Results: On account of the rise in home loan business and deposit growth, the State Bank of India (SBI) has reported 13.6 per cent sequential growth in its net profit for the October to December 2020 quarter. The State Bank of India announced these numbers while making its FY 2020-21 third-quarter results of the largest commercial bank of India. However, SBI's YoY net profit has come down by 6.93 per cent which is mainly due to the COVID-19 pandemic.

Informing about its Q3FY21 results, SBI press statement said, "Bank registered a Net Profit of Rs 5,196 Crores in Q3FY21 as compared to Rs 4,574 Crores in Q2FY21, an increase of 13.60 per cent sequentially. Year on year Net Profit has come down by 6.93 per cent."

SBI Home Loan business that constitutes about 23 per cent of its net domestic advances, grew 9.99 per cent YoY.

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Total Deposits grew at 13.64 per cent YoY, out of which Current Account Deposit grew by 11.33 per cent YoY, while Saving Bank Deposits grew by 15.99 per cent YoY.

SBI reported that its Net NPA ratio is at 1.23 per cent, which is down 142 bps or 1.42 per cent YoY and 36 bps QoQ. Its Gross NPA ratio is at 4.77 per cent, which is down 217 bps or 2.17 per cent YoY and 51 bps QoQ.

SBI reported having registered an Operating Profit of Rs 17,333 Crores in Q3FY21 as compared to Rs 16,460 Crores in Q2FY21, an increase of 5.31 per cent sequentially. Year on year Operating Profit has come down by 4.88 per cent.

On interest income, the SBI report says, "Net Interest Income for Q3FY21 increased to 2.27 per cent sequentially and 3.75 per cent YoY."

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