State Bank of India (SBI), the largest public sector lender, on Friday reported a 41.2 percent increase in its net profit to Rs 9,113.53 crore for the March 2022 quarter, compared to Rs 6,450.75 crore in the same quarter. period a year ago. Net interest income (NII) in January-March 2022 increased by 15.26 percent to Rs 31,198 crore, from Rs 27,067 crore in the same period a year ago.
On a quarterly basis, the state bank’s profit grew eight percent compared to Rs 8,432 crore in the December 2021 quarter. NII sequentially rose 1.6 percent, from Rs 30,687 crore in the previous quarter.
“The bank recorded its highest quarterly net profit of Rs 9,114 crore in Q4FY22, growing 41.28 percent yoy (year-over-year). Net profit for FY22 grew 55.19 percent yoy to Rs 31,676 crore,” the State Bank of India said in a statement.
The bank’s operating profit for the March 2022 quarter was Rs 19,717 crore; while for FY22 it grew 5.22 percent year-on-year to Rs 75,292 crore.
State Bank of India has also announced an interim dividend of Rs 7.10 per share. “The central board of the bank has declared at its meeting on May 13, 2022 a dividend of Rs 7.10 per share of shares for the fiscal year ending March 31, 2022,” the lender said in a BSE filing on Friday.
It said that the date of payment of the dividend is set for June 10 and that the dividend warrants will be sent before the date of payment, which will be payable in India at all branches of State Bank of India irrespective of the amount.
Return on equity (RoE) at the end of FY22 was 13.92 percent, which is 398 basis points (bps) higher year on year, SBI said.
SBI sees improvement in asset quality on a quarterly basis. The bank’s gross non-performing assets ratio fell to 3.97 percent in the March 2022 quarter, compared to 4.5 percent in the previous quarter. The GNPA ratio at the end of the March 2021 quarter stood at 4.98 percent.
The bank’s net NPA ratio also fell to 1.02 percent, from 1.34 percent a quarter ago. In the March 2021 quarter, it stood at 1.5 percent. The solvency ratio (CAR) stood at 13.83 percent at the end of the March 2022 quarter.
In absolute terms, the GNPAs stood at Rs 1.12 lakh crore at the end of the March 2022 quarter, compared to Rs 1.20 lakh crore in the previous quarter and Rs 1.26 lakh crore a year ago. Net NPAs were Rs 27,965.71 crore in the quarter under review, Rs 34,539.68 crore in the previous quarter and Rs 36,809.72 crore a year ago, according to the BSE filing.
For the full fiscal year, SBI posted a 55.2 percent jump to Rs 31,676 crore in 2021-22.
Full bank advances rose 11 percent year-on-year in the March 2022 quarter. Domestic advances grew at 10.27 percent year-on-year, mainly driven by growth in retail personal advances (15.11 percent year-on-year). Advances from foreign offices increased year-over-year by 15.42 percent. The bank’s retail portfolio has exceeded Rs 10 lakh crore, it said.
Total deposits increased by 10.06 percent year-on-year. Savings deposits grew 10.45 percent yoy, while term deposits grew 11.54 percent yoy, SBI said. as on March 31, 2022.
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