The country’s largest banking company, State Bank of India (State Bank of India) has suffered a big loss in the December quarter. The bank’s profit declined 35 percent year-on-year to Rs 9,164 crore due to a huge one-time provision of Rs 7,100 crore for salaries and pensions. In the information given to the stock market, SBI said that its total income increased to Rs 1,18,193 crore for the quarter ending December 2023, which was Rs 98,084 crore in the same quarter of the last financial year. The interest income of the bank increased to Rs 1,06,734 crore in the quarter under review, which was Rs 86,616 crore in the same quarter of the last financial year. The gross non-performing assets of the bank as at the end of December, 2023 (NPA) declined to 2.42 percent of gross credit, which was 3.14 percent a year ago. Similarly, at the end of the third quarter, net NPA also decreased to 0.64 percent which was 0.77 percent last year. On a consolidated basis, SBI Group’s net profit fell 29 percent to Rs 11,064 crore in the December 2023 quarter, from Rs 15,477 crore in the same quarter of the last financial year.
