SBI reports 40% jump in net profit to Rs 9,113 crore in Q4; shares jump 3%

SBI reports 40% jump in net profit to Rs 9,113 crore in Q4; shares jump 3%

The State Bank of India reported a 41.2 per cent year-on-year jump in net profit for the quarter ended March 31 at Rs 9,113 crore driven by increase in net interest income, the company said Monday. Sequentially, the company’s profits rose 8 per cent. The net profit missed analysts’ expectations of Rs 9,927.6 crore profits, according to a CNBC TV18 poll. Shares of the company jumped over 3 per cent in intraday trading after the results.

Net interest income (NII), which is a bank’s main source of income, stood at Rs 31,198 crore, representing a 15.25 per cent jump year-on-year. The company however missed expectations as analysts had expected NII to be at Rs 31,570 crore, according to a CNBC-TV18 poll.

India’s largest bank’s gross NPA for the fourth quarter fell to 3.97 per cent, from 4.98 per cent in the fourth quarter of last year. Net NPA or bad loans too fell to 1.02 per cent as on March 31, 2022 from 1.50 per cent in the year-ago period. The company reported Net NPA at Rs 27,966 crores as of the quarter ended March 31.

The company’s revenues were led by an increase in retail banking operations business. Total segment revenue was Rs 82,613.40 crore out of which retail banking revenue was at Rs 38,075 crore as of March 31, 2022. The company said credit growth in its retail portfolio crossed Rs 10 lakh crore by the end of FY 2022, representing a 15 per cent growth.

SBI also declared a dividend of Rs 7.10 per equity share for the financial year ended 31 March, 2022. The company said the date of payment of dividend is fixed on 1Oth June, 2022 and the dividend warrants will be dispatched before the date of payment.

SBI, the largest lender in the country, reported CET1 ratio stood at 9.94 per cent, in comparison to 10.01 per cent last year. The company also reported an increase in per share income to Rs 10.21 per share, from Rs 7.23 per share in the same quarter previous year. 

SBI’s loan book in the fourth quarter of FY 2022:

Retail loan book rose 15 per cent Y-O-Y to Rs 10.02 lakh crore.

Home loan book rose 11.5 per cent Y-O-Y to Rs 5.61 lakh crore.

Corporate loan book is up 6.35 per cent Y-O-Y to Rs 8.7 lakh crore.

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