New Delhi, Feb 4 (Agency) Standalone profit before tax (PBT) dropped 36.27% to Rs 6,990.77 crore in Q3 FY21 as against Rs 10,969.66 crore in Q3 FY20. Tax expense tumbled 66.68% to Rs 1,794.55 crore in Q3 FY21 as compared with Rs 5,386.30 crore paid in Q3 FY20. The result was declared during market hours today, 4 February 2021. Gross non-performing assets (NPAs) stood at Rs 1,17,244.23 crore as on 31 December 2020 as against Rs 1,25,862.99 crore as on 30 September 2020 and Rs 1,59,661.19 crore as on 31 December 2019. The ratio of gross NPAs to gross advances stood at 4.77% as on 31 December 2020 as against 5.28% as on 30 September 2020 and 6.94% as on 31 December 2019. The ratio of net NPAs to net advances stood at 1.23% as on 31 December 2020 as against 1.59% as on 30 September 2020 and 2.65% as on 31 December 2019.
The bank’s provisions and contingencies soared 42.59% to Rs 10,342.39 crore in Q3 FY21 over Rs 7,252.90 crore in Q3 FY20. As of 31 December 2020, the Government of India held 56.92% stake while Life Insuarnce Corporation of India held 9.61% stake in the bank. Net Interest Income (NII) for Q3 FY21 rose 2.27% sequentially and 3.75% Y-o-Y (year-on-year). Domestic NIM for the quarter was at 3.34%, has remained stable sequentially. Capital Adequacy Ratio (CAR) has improved by 77 bps Y-o-Y to 14.50% as on December 2020.
The bank registered an operating profit of Rs 17,333 crore in Q3 FY21 as compared to Rs 16,460 crore in Q2 FY21, registering a rise of 5.31% sequentially. Operating profit has fallen 4.88% Y-o-Y (year-on-year). Non-Interest Income for Q3 FY21 stood at Rs 9,246 crore, growing 8.42% sequentially and 1.54% Y-o-Y. Total deposits jumped 13.64% Y-o-Y, out of which current account deposit rose 11.33% Y-o-Y while saving bank deposits grew 15.99% Y-o-Y. Provision Coverage Ratio (PCR) has improved to 90.21%, rising 848 bps Y-o-Y and 202 bps Q-o-Q (quarter-on-quarter). Shares of State Bank of India (SBI) rose 1.16% to Rs 339.75 on BSE. State Bank of India (SBI) is an Indian multinational, public sector banking and financial services statutory body.