SBI net profit jumps 83 pc to Rs 16,695 crore in fourth quarter

Mumbai (Maharashtra) [India], May 18 (ANI): The largest lender in the country — State Bank of India — on Thursday posted an 83.18 per cent jump in its net profit to Rs 16,695 crore, against Rs 9,113.53 crore in the year-ago period.

According to a statement from the lender, operating profit during the reviewed quarter went up 24.87 per cent to Rs 24,621 crore.
The lender’s return on assets (RoA) and return on equity (RoE) for the financial year FY23 stand at 0.96 per cent and 19.43 per cent, respectively.

Net non-performing asset (NPA) ratio improved to 0.67 per cent in the quarter under review (Q4 FY23) from 0.77 per cent.

Gross non-performing assets NPA ratio dropped to Rs 2.78 per cent in the March quarter from 3.14 per cent in the previous quarter and 3.97 per cent in the year-ago period.

Provisions and contingencies were down to Rs 3,315.71 crore in the quarter under review, down 54.19 per cent from Rs 7,237.45 crore in the same period last year.

According to the statement, SBI said credit growth was at 15.99 per cent year-on-year with domestic advances growing 15.38% YoY, whereas foreign offices’ advances grew 19.55 per cent YoY.

It also added Xpress Credit loans cross Rs 3 lakh crore while its agri and corporate loans registered YoY growth of 13.31 per cent and 12.52 per cent, respectively.

Whole bank deposits grew 9.19 per cent YoY, of which Current Account Saving Account (CASA) deposit grew by 4.95 per cent YoY. CASA ratio stood at 43.80 per cent as on March 31, 23, the bank added.

According to the statement, slippage ratio for FY23 improved by 34 bps YoY and stood at 0.65 per cent, while slippage ratio for the quarter under review (Q4FY23) was at 0.41 per cent. Credit cost for FY23 improved by 23 bps YoY to 0.32 per cent, while the credit cost for Q4FY23 at 0.16 per cent improved by 33 bps YoY.

The share of alternate channels in total transactions increased from 95 per cent in FY22 to 97 per cent in FY23, according to the statement.

Shares of State Bank of India on Thursday were trading 1.70 per cent down to Rs 576.35 apiece at the closing on BSE.