State Bank of India (SBI), THE country's largest lender,  reported a 62 percent increase in standalone net profit for the third quarter ended December 31, 2021, to Rs 8,432 crore.

The bank had made a net profit of Rs 5,196 crore in the year-ago period, ''Bank has posted its highest quarterly net profit of Rs 8,432 crore in Q3FY22. SBI noted in a regulatory filing that this marks a 62.27 percent increase year over year. It further added that total income increased to Rs 78,352 crore in the quarter under review, up from Rs 75,981 crore in the same period of 2020-21.

On a consolidated basis, the SBI Group's net profit increased by 51% to Rs 9,692 crore in the quarter, compared to Rs 6,402 crore the year before.

As of December 31, 2021, the bank's asset quality improved, with gross non-performing assets falling to 4.5 percent of gross advances, down from 4.77 percent the previous year.

Net NPAs, on the other hand, increased slightly to 1.34 percent from 1.23 percent at the end of 2020-21's third quarter. Provisions other than tax and contingencies fell to Rs 6,974 crore for the quarter, down from Rs 10,342 crore a year ago, it said.

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