SBI rallies 4.8% as the bank records highest-ever quarterly net profit

SBI rallies 4.8% as the bank records highest-ever quarterly net profit

by 5paisa Research Team Last Updated: Dec 12, 2022 - 03:04 pm 10.9k Views
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The PSU lender posted a total income of Rs 88,733.86 crore in Q2FY23, up 14% YoY from Rs 77,689.09 crore in the comparable quarter last year. 

State Bank of India, the country's largest PSU lender recorded its highest quarterly profit breaking the record of previous quarters. Net Profit of the bank increased by 73.93% YoY in Q2FY23 and stood at Rs 13,265 crore, as reported by the lender in its financial results on November 05. 

 Net Interest Income (NII) grew by 12.83% from Rs 31,184 crore to Rs 35,183 crore during the same period. The domestic NIM grew by 5 bps YoY in Q1FY23 and stood at 3.55%. Operating profit (excluding exceptional items) of the bank was up by 16.83% YoY in Q1FY23 to Rs 21,120 crore. 

Total deposits of the bank grew by 10%YoY in Q1FY23 to Rs 41,90,255 crore from Rs 38,09,630 crore a year ago. CASA Deposits grew by 5.35% YoY as the CASA ratio stood at 44.63% as on September 30, 2022. The advances of the bank grew by 20% from Rs 25,30,777 crore to Rs 30,35,071 crore for the same period. 

Its asset quality in the quarter was strong as the gross non-performing loans (GNPA ) ratio at 3.52 was down by 138 bps on a YoY basis. At the same time, the net NPA ratio came in at 0.80% as against 1.52% in the previous quarter. The provision coverage ratio (PCR) improved by 788 bps and stood at 77.93% and total non-NPA provisions (not included in PCR) stood at Rs 30,629 crore. Slippage ratio was reduced further by 33 bps from 0.66% to 0.33%. 

 The capital adequacy ratio(CAR) of the bank stood at 13.51 as of September 30, 2022. Return on Assets (RoA) improved by 38 bps YoY to 1.04% in Q2FY23 and ROE for the bank stood at 16.08%. Share of Alternate Channels in total transactions has increased from 95.1% in H1FY22 to 96.8% in H1FY23. 

At the time of writing, the shares of SBI were quoting at Rs 615.80 with a gain of 3.66% or Rs 21.80 a piece. 

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