Connect Gujarat
Business

SBI Q1 Results: State Bank of India net profit down by 6% YoY at Rs 6,068 Crores

The Net interest Income, or NII for the quarter under review stood at Rs 31,196, an increase of 12.87 per cent

SBI Q1 Results: State Bank of India net profit down by 6% YoY at Rs 6,068 Crores
X

India's largest public sector lender State Bank of India on Saturday reported a drop in net profit by 6.07 per cent at Rs 6,068 crore in Q1 FY23 as against Rs 6,504 crore in Q1 FY22.

The Net interest Income, or NII for the quarter under review stood at Rs 31,196, an increase of 12.87 per cent as against Rs 27,638 during the quarter ended June 30, last year.

The bank's operating profit for the June 2022 quarter stood at Rs 12,753 crore as against Rs 18,975 crores in Q1 FY22, impacted by MTM (mark-to-market) Losses on investment book, said the SBI in an exchange filing.

Domestic NIM for Q1 FY23 increased by 8 bps YoY to 3.23 per cent from 3.15 per cent during the year-ago quarter. Provisions fell 39 per cent sequentially to Rs 4,392.38 crore.

Assets performed better during the quarter under review than during the same quarter last year. The bank's net NPA ratio on the other hand fell to 1.00 per cent, against 1.77 per cent during the year-ago quarter.

It had stood at 1.02 per cent in the March 2022 quarter. "Gross NPA ratio down by 141 bps YoY at 3.91 per cent, while Net NPA ratio down by 77 bps YoY at 1.00 per cent," SBI said.

Its capital adequacy ratio (CAR) at the end of the June 2022 quarter stood at 13.43 per cent.

Meanwhile, slippage ratio for Q1 FY23 stands at 1.38 per cent, an improvement of 109 bps YoY.

The growth in domestic advances was caused by retail personal advances, which was up 18.58 per cent as compared to the year-ago quarter, out of which home loan grew 13.77 per cent YoY.

Corporate loan book saw a growth of 10.57 per cent while SME and Agri loans also registered a year-on-year growth of 10.01 per cent and 9.82 per cent, respectively.

Next Story
Share it