State Bank of India (SBI) announced its financial results for the quarter ended March, reporting a standalone profit of Rs 16,694.51 crore. This represents an increase of 83.18 percent compared to Rs 9,113.53 crore in the same quarter of the previous year.
SBI’s net interest income (NII) for the quarter stood at Rs 40,392.50 crore, showing a growth of 29.5 percent from Rs 31,197 crore in the corresponding quarter of the previous year.
The bank’s performance surpassed expectations, as a Moneycontrol poll of brokerages predicted a 68 percent rise in profit and a 25.8 percent increase in net interest income.
SBI’s board of directors has recommended a dividend of Rs 11.30 per equity share for the fiscal year 2022-23. The dividend will be paid on June 14, 2023, as per the bank’s announcement.
The bank’s return on assets (ROA) for the financial year stood at 0.96 percent, while the return on equity (ROE) was 19.43 percent. The ROA for the quarter improved by 49 basis points year-on-year, reaching 1.23 percent.
SBI reported a domestic net interest margin (NIM) of 3.84 percent for Q4FY23, a YoY increase of 44 basis points.
In terms of asset quality, SBI’s gross non-performing asset (NPA) ratio decreased to 2.78 percent, down by 119 basis points YoY. The net NPA ratio was at 0.67 percent, down by 35 basis points YoY. The provision coverage ratio (PCR) improved to 76.39 percent, an increase of 135 basis points YoY. The slippage ratio for FY23 improved by 34 basis points YoY, standing at 0.65 percent, while the slippage ratio for Q4FY23 was at 0.41 percent.
As of 2.18 pm, SBI’s stock traded at Rs 581.35, down 0.88 percent on the BSE.
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