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India's biggest bank State Bank of India (SBI) on Friday reported a 41% rise in standalone net profit at 9,113.5 crore for the quarter ended March 2022, its highest ever quarterly profit, but missed analysts' estimates as bad loan provisions rose sequentially. The lender had reported a profit of 6,450.7 crore in the year-ago quarter. 

SBI's net interest income (NII), the difference between interest earned and expended, saw an increase of 15% to 31,198 crore during Q4FY22 from 27,067 crore year-on-year (YoY). Domestic net interest margin (NIM) for Q4FY22 increased by 29 bps YoY at 3.40%.

The total provision for contingencies including those for bad loans stood at 7,237 crore compared to 6,974 crore from the previous quarter and 11,051 crore (YoY).

The public lender's asset quality improved as gross non-performing assets (NPAs) were at 3.97% of the total assets, down from 4.50% while net NPA stood at 1.02% compared to 1.34% quarter-on-quarter (QoQ).

SBI's provision coverage ratio (PCR) improved by 416 bps YoY at 75.04%. PCR (including AUCA) stands at 90.20%. Meanwhile, its slippage Ratio for the fourth quarter stands at 0.43%.

The board has declared a dividend of 7.10 per equity share (710%) for the financial year ended 31st March, 2022. The record date for the said dividend has been fixed on Thursday, May 26, 2022.

On a consolidated basis, the bank reported a 56% increase in net profit at 9,549 crore, compared to 6,126 crore in the fourth quarter of the previous fiscal.

SBI shares were trading 2% higher at 473 apiece on the BSE in Friday's afternoon deals. The bank stock is down 0.3% in year-to-date (YTD) terms.

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