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SBI’s Q1FY23 standalone net profit declines 7 per cent to ₹6,068 cr

Mumbai State Bank of India (SBI) reported a 7 per cent year-on-year (y-o-y) decline standalone net profit in first quarter at ₹6,068 crore against ₹6,504 crore, with the bottom line being weighed down by sharp decline in other income.

In the reporting quarter, NII (difference between interest earned and interest expended) was up 13 per cent y-o-y at ₹31,196 crore (₹27,638 crore in the year ago quarter).

Non-interest income, comprising fee based income, trading income, recovery in written-off accounts, and others, declined about 80 per cent y-o-y to ₹2,412 crore (₹11,803 crore).

Provisions towards non-performing assets (NPAs) declined 15 per cent y-o-y to ₹4,268 crore ( ₹5,030 crore).

Deposits, Advances up

Gross NPAs declined to 3.91 per cent of gross advances as at June-end 2022 against 3.97 per cent as at March-end 2022. Net NPAs declined to 1 per cent (1.02 per cent).

Total deposits increased by 10.06 per cent y-o-y to stand at ₹40,45,696 crore as at June-end 222. Gross advances were up 11 per cent y-o-y to stand at ₹28,15,249 crore.

Published on

August 06, 2022

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