SBI's single net profit down seven percent in third quarter

 The country's largest bank SBI said on Thursday that its single net profit in the third quarter of the current financial year was down by seven per cent to Rs 5,196.22 crore.

New Delhi: The country's largest bank SBI on Thursday said that its single net profit in the third quarter of the current financial year decreased by seven percent to Rs 5,196.22 crore. State Bank of India (SBI) had a net profit of Rs 5,583.36 crore in the October-December period in the last financial year. The bank told the stock market that its total income during this period decreased to Rs 75,980.65 crore as compared to Rs 76,797.91 crore in the same period last year. The bank said that its net profit on an integrated basis declined by 5.8 per cent to Rs 6,402.16 crore in the third quarter from Rs 6,797.25 crore in the year-ago period.

However, the quality of the bank's assets (loans given) improved significantly during this period and the blocked loans (NPAs) came down to 4.77 per cent of the total advances as on 31 December 2020. NPA was 6.94 percent in the year-ago period. In terms of value, the gross NPA or blocked loans stood at Rs 1,17,244.23 crore. Similarly, net NPAs decreased by 1.23 percent or Rs 29,031.72 crore.