The State Bank of India reported a 6.7 per cent year-on-year fall in net profit for the June quarter at Rs 6068.08 crore, against the analysts’ expectation of double digit growth in Q1. Sequentially, the company’s profit has fallen 33 per cent. The net profit missed analysts’ expectations of Rs 7,742 crore. SBI share price has risen 11% in the last one month and is now close to its 52-week high. On Friday, SBI share price ended at Rs 532 per share. Net interest income (NII), which is a bank’s main source of income, stood at Rs 31,196 crore, representing a 12.87 per cent jump year-on-year, against the Rs 27,638 crore in the corresponding quarter of previous year.
India’s largest PSU Bank’s gross NPA for the first quarter of the fiscal fell to 3.91 per cent from 5.32 per cent in the first quarter of last year. Net NPA or bad loans too fell to 1 per cent as on 30 June 2022 from 1.77 per cent in the year-ago period. The company reported Net NPA at Rs 28,258 crore as of the quarter ended 30 June 2022.
State Bank of India’s operating profit for Q1FY23 stood at Rs 12,753 crores as against Rs 18,975 crores in the corresponding quarter of the previous year. Total slippages came at Rs 10,115 crore in the fiscal’s first quarter as against the Rs 3,606 crore in the fourth quarter of FY22. SBI’s recoveries and upgrades stood at Rs 5,208 crore versus Rs 6,756 crore in the last quarter of the previous fiscal.
In balance sheet growth, gross advances grew 14.93 per cent to Rs 29 lakh crore, as against the Rs 25.23 lakh crore in Q1FY22. Total deposits jumped 8.73 per cent to Rs 40.45 lakh crore as against Rs 37.20 lakh crore in the first quarter of previous fiscal. SBI’s retail personal advances also soared 18.58 pet cent to Rs 10.34 lah crore in Q1FY23, as against the Rs 8.72 lakh crore in Q1FY22. Current and savings account deposits grew by 6.5 per cent to Rs 17.67 crore. Doemstic deposits grew by 8.05 per cent for the quarter.