SBI’s Net Profit Jumps To 83% YoY To Rs 16,695 Cr In Q4
The state-owned bank, State Bank of India (SBI) on Thursday reported an 83 per cent increase in standalone net profit at Rs 16,695 crore from Rs 9,113 crore in Q4 last year for the quarter that ended on 31 March 2023.
The board declared a dividend of Rs 11.30 per equity share which is 1130 per cent for the financial year ending March 2023 with a fixed payment date as on 14 June 2023.
SBI’s net interest income for the fourth quarter rose by 29 per cent to Rs 40,393 crore from Rs 31,198 crore in the corresponding quarter of last year. On the contrary provisions other than tax and contingencies fell sharply by 54 per cent to Rs 3,316 crore for the quarter under review against Rs 7,237 crore a year ago.
The multinational lender also witnessed a more than halving in its provisions for non-performing assets (NPAs) at Rs 1,278 crore from January to March.
On the asset quality front, the gross NPA ratio showcased an improvement to 2.78 per cent as of March quarter, down from 3.14 per cent in the December quarter and 3.97 per cent in the March quarter of last year. However, the net NPA ratio stood lower at 0.67 per cent in the fourth quarter.
The bank's operating benefits for the March quarter grew by 25 per cent YoY to Rs 24,621 crore. Subsequently the domestic net interest margin (NIM) during the quarter increased by 44 basis points YoY to 3.84per cent.
The provisional coverage ratio (PCR) of the Bank was at 76.39 per cent, with an improved 135 bps YoY, while PCR including AUCA improved by 171 bps YoY and stood at 91.91 per cent Slippage Ratio for the Q4 was at 0.41 per cent and capital adequacy ratio (CAR) at the end of FY23 was at 14.68 per cent. While the credit cost for the fourth quarter FY23 jumped at 0.16 per cent, improved by 33 bps YoY.
Meanwhile, on the business front, the bank posted a credit growth of 16 per cent at Rs 32.69 lakh crore as of March 2023, of which corporate loans grew by 12 per cent YoY and retail personal loans rose to 18 per cent YoY.
On the whole for the full fiscal year, SBI's net profit crossed at Rs 50,000 crore.
