Mumbai: State Bank of India (SBI), the country’s largest public-sector lender, on Friday reported a 41.2 percent jump in its net profit to Rs 9,113.53 crore for the March 2022 quarter, compared with Rs 6,450.75 crore in the year-ago period. Its net interest income (NII) during January-March 2022 rose 15.26 percent to Rs 31,198 crore, against Rs 27,067 crore in the year-ago period.
On a quarterly basis, the state-owned bank’s profit grew eight percent as compared with Rs 8,432 crore in the December 2021 quarter. Sequentially, its NII increased 1.6 percent, from Rs 30,687 crore in the preceding quarter.
“The bank has registered its highest quarterly net profit of Rs 9,114 crore in Q4FY22, witnessing a growth of 41.28 percent y-o-y (year-on-year). Net profit for FY22 grew by 55.19 percent y-o-y to Rs 31,676 crore,” State Bank of India said in a statement.
The bank’s operating profit for the March 2022 quarter stood at Rs 19,717 crore; while for FY22, it grew 5.22 percent year-on-year to Rs 75,292 crore.
State Bank of India has also declared an interim dividend of Rs 7.10 per equity share. “The central board of the bank, at its meeting held on May 13, 2022, has declared a dividend of Rs 7.10 per equity share for the financial year ended March 31, 2022,” the lender said in a BSE filing on Friday.
It said the date of payment of the dividend is fixed on June 10 and the dividend warrants will be dispatched before the date of payment, which will be payable, in India, at par at all branches of State Bank of India, irrespective of the amount.
Its return on equity (RoE) at the end of FY22 stood at 13.92 percent, which is higher by 398 basis points (bps) year-on-year, SBI said.
SBI sees improvement in asset quality on a quarterly basis. The bank’s gross non-performing assets ratio during the March 2022 quarter fell to 3.97 percent, compared with 4.5 percent in the preceding quarter. The GNPA ratio at the end of the March 2021 quarter had stood at 4.98 percent.
The bank’s net NPA ratio also fell to 1.02 percent, against 1.34 percent a quarter ago. It had stood at 1.5 percent in the March 2021 quarter. Its capital adequacy ratio (CAR) at the end of the March 2022 quarter stood at 13.83 percent.
In absolute terms, GNPAs at the end of the March 2022 quarter stood at Rs 1.12 lakh crore, compared with Rs 1.20 lakh crore in the previous quarter and Rs 1.26 lakh crore a year ago. Net NPAs were at Rs 27,965.71 crore in the quarter under review, Rs 34,539.68 crore in the previous quarter, and Rs 36,809.72 crore a year ago, according to the BSE filing.
For the full financial year, SBI posted a 55.2 percent jump to Rs 31,676 crore during 2021-22.
Its whole bank advances during the March 2022 quarter grew 11 percent year-on-year. Domestic advances growth stood at 10.27 percent year-on-year, primarily driven by growth in retail personal advances (15.11 percent year-on-year). Foreign office advances grew 15.42 percent year-on-year. The bank’s retail portfolio has crossed Rs 10 lakh crore, it said.
Its total deposits were up by 10.06 percent year on year. “Saving bank deposits grew 10.45 percent YoY, while term deposit grew 11.54 percent YoY,” SBI said. CASA (current account-saving account) deposit jumped 7.78 percent year on year, with a CASA ratio of 45.28 percent as of March 31, 2022.
