New Delhi, Feb 3,2024: State Bank of India (SBI) on Saturday reported a 35 per cent decline in net profit at Rs 9,163 crore for the October-December quarter of the current financial year.
SBI said that the drop in profit was due to a one-time exceptional item of Rs 7,100 crore for a provision towards higher pension costs and wage revisions of its staff.
The country’s largest bank had made a net profit of Rs 14205 crore in the same quarter of the previous year.
The bank said it has earned Rs 105,733.78 crore in interest income in Q3 FY24, which was up 22 per cent from Rs 86,616.04 crore reported in the year-ago period.
The net interest income (NII) of the country’s largest bank stood at Rs 39,815 crore for the quarter.