New Delhi: The country's largest bank State Bank of India (SBI) has made a bumper profit in the second quarter. The second quarter has been the most profitable quarter so far for the bank. SBI has posted a profit of Rs 13,265 crore on a standalone basis in the July-September quarter of the current financial year whereas its year-on-year (YoY) net profit has risen around 74 per cent (73.93 per cent exact number).
New Delhi: The country’s largest bank State Bank of India (SBI) has made a bumper profit in the second quarter. The second quarter has been the most profitable quarter so far for the bank. SBI has posted a profit of Rs 13,265 crore on a standalone basis in the July-September quarter of the current financial year whereas its year-on-year (YoY) net profit has risen around 74 per cent (73.93 per cent exact number). SBI gave this information to the stock exchanges on Saturday.
The bank’s total income also increased to Rs 88,734 crore in the second quarter. It was Rs 77,689.09 crore in the same quarter a year ago. SBI’s net interest income (NII) grew 13 per cent to Rs 35,183 crore in the previous quarter. Whereas a year ago it was Rs 31,184 crore. SBI said that its profit has increased due to reduction in financial provision for bad loans (NPA) and increase in interest income. In the same quarter a year ago, the bank’s profit on a standalone basis stood at Rs 7,627 crore.
While announcing its Q2FY23 results on Monday the state-owned bank reported that its Operating Profit for Q2FY23 stands at ₹21,120 crores, logging YoY growth of 12.82 per cent.
SBI’s net interest income in Q1FY23 stood at ₹31,196 crore that means the PSU bank has posted QoQ growth of 12.78 per cent on net interest income front.
After the end of Q2FY23, SBI deposits stood at ₹41,90,255 crore, which is around 10 per cent (9.99% exact) higher from its deposits of ₹38,09,630 crore in Q2FY22.
In Q1FY23 results, SBI has reported gross advances at ₹30,35,071 crore, which is 19.93 per cent higher from its Q2FY22 gross advances of ₹25,30,777 crore. Its gross advances in Q1FY23 stood at ₹29,00,636 crore. So, SBI has posted 4.63 per cent QoQ growth on gross advances front.
On slippage front, SBI has been able to perform exceedingly well. In Q2FY23, SBI’s slippage ratio stands at 0.33 that stood at 1.38 after the end of first quarter of current financial year whereas SBI’s slippage ratio stood at 0.66 in Q2FY22. So, the PSU bank has managed to improved its slippage on both QoQ and YoY basis.
SBI has reported credit growth at 19.93 per cent YoY with domestic advances growing by 18.15 per cent YoY. The largest commercial bank of India has reported foreign offices’ advances growth of 30.14 per cent on YoY-basis.
SME and agriculture loans at SBI have registered YoY growth of 13.24 per cent and 11 per cent respectively. Ahead of quarterly results announcement, SBI share price climbed to new life-time high of ₹596.95 apiece on NSE on Friday session. On weekend session, SBI shares opened with an upside gap and went on to climb to a new high before few minutes of market close.