SBI Q4 results: Net profit jumps 83% YoY to ₹16,695 crore; NII up 29%; announces dividend of ₹11.3
SBI’s net interest income (NII) during Q4FY23 increased 29.5% to ₹40,392 crore from ₹31,197 crore. YoY.
PremiumState Bank of India (SBI), the country’s largest bank, on Thursday reported a net profit of ₹16,694.5 crore for the quarter ended March 2023, a rise of 83% from ₹9,113.5 crore in the corresponding quarter last year.
SBI’s net interest income (NII) during Q4FY23 increased 29.5% to ₹40,392 crore from ₹31,197 crore. YoY. The bank's domestic net interest margin (NIM) for Q4FY23 increased by 44 bps YoY to 3.84%.
Operating profit during the quarter grew by 24.87% YoY to ₹24,621 crore.
The public sector lender’s asset quality improved during the quarter. Gross non-performing assets (NPA) in Q4FY23 declined 7.5% to ₹90,927.8 crore from ₹98.347 crore in the previous quarter. Net NPA decreased 8.6% to ₹21,466.6 crore from ₹23,484 crore, QoQ.
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Gross NPA ratio fell by 36 basis points to 2.78% from 3.14% and Net NPA ratio also decreased by 10 bps to 0.67% from 0.77%, sequentially.
For FY23, SBI's net profit crossed ₹50,000 crore and stood at ₹50,232 crore, witnessing a growth of 58.58% YoY.
Provision Coverage Ratio (PCR) was at 76.39%, improving by 135 bps YoY. Slippage Ratio for Q4FY23 stood at 0.41%. For FY23, the bank's slippage ratio improved by 34 bps YoY and stood at 0.65%.
The bank's board also recommended a dividend of ₹11.30 per equity share for FY23. The dividend will be paid on June 14, 2023, the bank said.
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Credit growth stood at 15.99% YoY with domestic advances growing by 15.38% YoY, driven by retail personal advances (up 17.64% YoY) followed by SME advances which grew by 17.59% YoY, SBI said.
Agri and Corporate loans registered YoY growth of 13.31% and 12.52%, respectively.
Credit Cost during the quarter at 0.16% improved by 33 bps YoY.
Whole bank deposits grew at 9.19% YoY, out of which CASA deposit grew by 4.95% YoY. CASA ratio stands at 43.80% as on March 31, 2023.
At 2:15 pm, the shares of SBI were trading 0.90% lower at ₹581.20 apiece on the BSE.
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