In pictures: SBI reports highest quarterly profit in 15 years

Country's largest lender State Bank of India (SBI) on Friday reported a 41 percent jump in net profit at Rs 5,583.36 crore in the third quarter of the financial year 202021 as compared to Rs 3,954.81 crore in the same period last year.  This is the biggest quarterly profit in at least 15 years record of the bank, as asset quality improved and provisions for bad loans fell.

Tough the net profit missed CNBC-TV18 Poll estimates of Rs 6,011.6 crore. net interest income beat the estimates.

Asset quality of the lender improved significantly as gross NPA and net NPA were lower sequentially.

"Bank's performance across areas have been satisfactory, according to the management. Corporate loan growth is the only discordant note in Q3 results," said Rajnish Kumar, Chairman, SBI while addressing media after the Q3 earnings.

Shares of SBI gained sharply on the BSE after the earnings announcement.