The country’s largest bank, State Bank of India (SBI), announced a net profit of 16,694.5 crore for the quarter ended March 2023, an increase of 83 per cent over the similar quarter previous year.
SBI’s net interest income (NII) grew 29.5 per cent to 40,392 crore in Q4FY23 from 31,197 crore. YoY. The domestic net interest margin (NIM) of the bank improved by 44 basis points (bps) YoY to 3.84 per cent in Q4FY23.
During the quarter, operating profit increased by 24.87 per cent YoY to 24,621 crore.
The asset quality of the public sector lender improved during the quarter. Gross non-performing assets (NPA) fell 7.5 per cent to 90,927.8 crore in Q4FY23, from 98.347 crore the previous quarter. Net NPA fell 8.6 per cent year on year to 21.466.6 crore from 23.484 crore.
The gross NPA ratio reduced by 36 basis points to 2.78 per cent from 3.14 per cent, while the net NPA ratio decreased by 10 basis points to 0.67 per cent from 0.77 per cent.
SBI’s net profit for FY23 surpassed 50,000 crore and was at 50,232 crore, representing a 58.58 per cent increase YoY.
Also Read:- RBI nods SBI Fund Management to acquire up to 99.9% stake in HDFC Bank
The provision coverage ratio (PCR) was 76.39 per cent, up 135 basis points year on year. The slippage ratio for Q4FY23 was 0.41 per cent. The bank’s slippage ratio improved by 34 basis points year on year to 0.65 per cent in FY23.
The bank’s board of directors also recommended a dividend of 11.30 cents per equity share for fiscal year 23. The dividend will be paid on June 14, 2023, according to the bank.
The gross NPA ratio fell 36 basis points to 2.78 per cent from 3.14 per cent, while the net NPA ratio fell 10 points to 0.67 per cent from 0.77 per cent.
SBI’s net profit for FY23 surpassed 50,000 crore, reaching 50,232 crore, a 58.58 per cent rise year on year.
The provision coverage ratio (PCR) was 76.39 per cent, an increase of 135 basis points over the previous year. In Q4FY23, the slippage ratio was 0.41 per cent. In FY23, the bank’s slippage ratio improved by 34 basis points YoY, reaching 0.65 per cent.
In addition, the bank’s board of directors proposed a dividend of 11.30 cents per equity share for fiscal year 23. According to the bank, the dividend will be paid on June 14, 2023.
Elets The Banking and Finance Post Magazine has carved out a niche for itself in the crowded market with exclusive & unique content. Get in-depth insights on trend-setting innovations & transformation in the BFSI sector. Best offers for Print + Digital issues! Subscribe here➔ www.eletsonline.com/subscription/