SBI Q3 net profit rises 62% to ₹8,432 crore, slippages zoom
The Hindu
Made additional provisions to address stress seen on the horizon, says Khara
State Bank of India’s (SBI) net profit for the third quarter ended December rose 62.327% to ₹8,432 crore on account of an increase in interest income and lower provisioning due to better asset quality. It was SBI’s highest quarterly profit, Chairman Dinesh Khara said.
“Overall, it is a good performance in the quarter. We expect the performance to improve further [in the fourth quarter]. There has been improvement in utilisation of limits by corporates. Going forward, we see decent growth in corporate credit,” Mr. Khara said in a virtual press conference.
“By making additional provisioning we have insulated our book. This is to address the stress seen on the horizon,” he added.
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