State Bank of India Q1 Results FY2023, PAT at Rs. 6068 crores

On 5th August 2022, State Bank of India announced its quarterly results for the first quarter of FY2023

Q1FY23 Key Highlights:

- Operating Profit for Q1FY23 stood at Rs. 12,753 crores as against Rs. 18,975 crores in Q1FY22, impacted by MTM Losses on investment book. 

-Net Profit for Q1FY23 was reported at Rs. 6,068 crores as against Rs. 6,504 crores in Q1FY22 

- Net Interest Income (NII) for Q1FY23 increased by 12.87% YoY. 

- Domestic NIM for Q1FY23 increased by 8 bps YoY to 3.23%

- Bank’s Balance Sheet size crosses Rs. 50 lakh crores. 

Business Highlights:

- Credit growth stood at 14.93% YoY. Domestic Advances grew at 13.66% YoY and Foreign Offices’ Advances grew by 22.39% YoY. 

- Domestic Advances growth was driven by Retail Personal Advances (18.58% YoY), out of which Home Loan grew by 13.77% YoY. 

-Corporate Loan book grew by 10.57%; SME and Agri loans have also registered YoY growth of 10.01% and 9.82% respectively. 

- Whole Bank Deposits grew at 8.73% YoY, out of which CASA Deposit grew by 6.54% YoY. CASA ratio stands at 45.33% as on 30th June 22.

- Gross NPA ratio is down by 141 bps YoY at 3.91%, while the Net NPA ratio is down by 77 bps YoY at 1.00%. 

- Provision Coverage Ratio (PCR) improved by 719 bps YoY at 75.05%. PCR (Incl. AUCA) stands at 90.14%. 

- Slippage Ratio for Q1FY23 stands at 1.38%; improved by 109 bps YoY. 

- Credit Cost for Q1FY23 stands at 0.61%; improved by 18 bps YoY