Mumbai, May 13: India’s biggest bank State Bank of India (SBI) on Friday reported a 41% rise in standalone net profit at Rs 9,113.5 crore for the quarter ended March 2022.
This is SBI’s highest ever quarterly profit.
The lender had reported a profit of Rs 6,450.7 crore in the year-ago quarter.
SBI’s net interest income (NII) saw an increase of 15% to Rs 31,198 crore during Q4FY22 from Rs 27,067 crore year-on-year (YoY).
The total provision for contingencies including those for bad loans stood at Rs 7,237 crore compared to Rs 6,974 crore from the previous quarter and Rs 11,051 crore (YoY).
SBI continued to see sequential improvement in asset quality as the gross non-performing assets ratio declined to 3.97 percent from 4.5 percent in the previous quarter.
The bank’s net NPA ratio fell to 1.02 percent in the reported quarter from 1.34 percent in the previous quarter.
The board has declared a dividend of Rs 7.10 per equity share (710%) for the financial year ended 31st March, 2022.