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State Bank of India (SBI) reported a 62% jump in its Q3 profits to INR 84bn ($1.1bn), its highest quarterly net profit ever. The bank’s domestic non income margin was at 3.40%, increasing 6bps YoY. Its gross non-performing asset (NPA) ratio declined by 94bp to 4.50% while its net non-performing asset (NPA) ratio was at 1.34% dropping by 47bps. Home loan advances grew 11.15% YoY, contributing to 24% of its domestic advances. Cost to Income Ratio was 52.94%, lower by 153bps YoY. “We don’t see much impact of the third wave on our books,” said Dinesh Khara, SBI’s chairman. The bank’s CET1 ratio was at 9.38%, down 89bp YoY.
SBI’s dollar bonds were trading slightly lower with its 2.49% 2027s down 0.5 to 98.8, yielding 2.75%.
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