SBI Q3 Results 2021: SBI net profit falls 7% to Rs 5,196 crore in Q3 | India Business News – Times of India

BENGALURU: State Bank of India, the country’s largest lender by assets, reported a 7% fall in third-quarter profit on Thursday, hurt by higher provisions and a dip in income from its corporate banking operations.
The bank’s earnings, though tepid compared to last year due to significant loan recoveries recognized in the year-earlier quarter, highlight a recovery seen in retail lending as the economy returns to normalcy after being hit by the Covid-19 pandemic, even as concerns around bad loans linger.
The Mumbai-based company’s shares, which have risen 22% this year up to last close, were up 2.3%.
Net profit fell to Rs 5,196 crore ($712.73 million) for the three months ended December 31, from a record profit of Rs 5,583 crore reported a year earlier on the back of resolution of some large bad loan accounts.
Analysts had expected State Bank of India (SBI) to report a profit of Rs 4,510 crore, according to Refinitiv IBES data.
Income from the company’s corporate banking operations fell nearly 19%, while overall provisions rose to Rs 10,342 crore from Rs 7,253 crore.

Speak Your Mind

LEAVE A REPLY

Please enter your comment!
Please enter your name here

Get in Touch

350FansLike
100FollowersFollow
281FollowersFollow
150FollowersFollow

Recommend for You

Oh hi there 👋
It’s nice to meet you.

Subscribe and receive our weekly newsletter packed with awesome articles that really matters to you!

We don’t spam! Read our privacy policy for more info.

You might also like

SJP’s George Malkemus Wants To Rebuild Manhattan One Shoe...

Sarah Jessica Parker inside SJP by Sarah Jessica Parker...

Fundraising During Covid Can Work to Your Advantage: Here’s...

When the U.S. went into Covid-19 lockdown early last year, it was still unclear...

The National Retail Federation found that 83 percent of...

Marketing is about understanding the mind of the consumer. While there are many psychology-based...

A Powerful Economic Rebound

News worth a salute. (Photo by Patrick Seeger/picture alliance...