BUSINESS SBI Q1 2022 Results: State Bank of India Net...

SBI Q1 2022 Results: State Bank of India Net Profit Falls 6.7% YoY to Rs 6,068.08 Cr; net NPAs decreased to 1.02%

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OSE First Quarter 2022 Results Highlights: The State Bank of India has reported a marginal decline in net profit year over year (YoY) to Rs 6,068.08 crore in the quarter ending June 2022. The bank had reported a net profit of Rs 6504 crore in the quarter corresponding to the previous prosecutor.

However, the major public sector bank witnessed a massive decline in net profit from quarter to quarter as the SBI had reported a profit of Rs 9,113.53 crore in the previous quarter ended March 31. of 2022.

Its total standalone income fell to Rs 74,998.57 crore in the first quarter of 2022-23, down from Rs 77,347.17 crore in the same period a year ago, SBI said in a regulatory filing.

The bank’s gross non-performing assets (NPA) ratio improved to 3.91 percent from 5.32 percent at the end of June last year.
Similarly, net non-performing assets fell to 1.02% in June 2022 from 1.7% a year ago.

On a consolidated basis, SBI’s net profit fell marginally to Rs 7,325.11 crore compared to Rs 7,379.91 crore in the same quarter of the previous year.

The bank’s gross advances showed a good growth of 14.93 percent driven by retail personal advances, of which home loans grew 13.77 percent. In absolute terms, the bank reported a gross advance of Rs 29 lakh crore, up from Rs 25 lakh crore in the same quarter last year.

The corporate loan portfolio grew by 10.57%, SME and agricultural loans also recorded year-on-year growth of 10.01% and 9.82%, respectively.

The deposit grew 8.73 per cent to Rs 40 lakh crore. The bank’s CASA index fell 64 basis points to 45.33 percent as of June 30. Wholesale bank deposits increased by 8.73 percent year-on-year.

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