State Bank of India reported a 41 per cent year-on-year (y-o-y) jump in fourth quarter standalone net profit at ₹9,114 crore against ₹6,451 crore in the year ago quarter on sharp decline in bad loan provisions and healthy growth in net interest income (NII).
This is the highest quarterly net profit posted by India’s largest bank. The public sector bank’s net profit shot up 55 per cent to ₹31,676 crore (₹20,410 crore in FY21).
The Board has declared a dividend of of ₹7.10 per equity share (710 per cent) for the financial year ended March 31, 2022.
In the reporting quarter, NII (difference between interest earned and interest expended) was up 15 per cent at ₹31,198 crore (₹27,067 crore).
Non-interest income, comprising fee-based income, trading income, recovery in written-off accounts, and others, declined about 27 per cent to ₹11,880 crore (₹16,225 crore).
Provisions towards non-performing assets (NPAs) declined 67 per cent y-o-y to ₹3,262 crore (₹9,914 crore).
Gross NPAs declined to 3.97 per cent of gross advances as at March-end 2022 against 4.98 per cent as at March-end 2021. Net NPAs declined to 1.02 per cent against 1.50 per cent.
Deposits increased by 10.06 per cent y-o-y to stand at ₹40,51,534 crore as at March-end. Advances were up 11.61 per cent at ₹27,33,967 crore.
May 13, 2022