State Bank of India (SBI), the country's largest public sector bank, has declared the results of the third quarter (October-December) of the financial year 2023-24 today on Saturday (February 3). The bank's net profit declined 35% year-on-year (YoY) to Rs 9,163 crore in Q3FY24. It was Rs 14,205 crore in the same quarter last year.

However, the bank reported a standalone net profit of Rs 40,378 crore in the first 9 months of FY24. This is 20.40% higher than the standalone net profit of Rs 33,538 crore for the first 9 months of FY23.

The bank's interest income in the third quarter increased by 22% on annual basis (YoY) to Rs 105,733.78 crore. It was Rs 86,616.04 crore in the same quarter last year.

Net interest income stood at Rs 39,815 crore

The bank has paid interest of Rs 66,918 crore in the October-December quarter. The net interest income (NII) of the country's largest bank stood at Rs 39,815 crore in Q3.

The bank's NIM declined by 1 bps YoY to 3.28% in first 9 months of FY24. Whereas the domestic NIM of the bank declined by 8 bps on annual basis to 3.41% in the first 9 months of FY24.

Gross non-performing assets stood at 2.42%

The bank's gross non-performing assets (NPA) stood at 2.42%, which was 3.14% in the same quarter last year. On the other hand, net NPA for the December quarter stood at 0.64% compared to 0.77% last year.