Net Profit Jumps 62% To Rs 8,432 Crore

The State Bank of India posted a 62 percent growth year-on-year in net profit at Rs 8,432 crore for the quarter ended December 31, 2021, the company said on Saturday. The bank registered its highest quarterly net profit in the October to December 2021 period, it said in a regulatory filing.

The Gross NPA ratio of the largest public sector bank in the December 2021 quarter stood at 4.50 percent against 4.90 percent in the last quarter. The net NPA ratio was recorded at 1.34 percent versus 1.52 percent in the September 2021 quarter.

The bank’s asset quality improved as gross non-performing assets fell to 4.5 percent of gross advances as of December 31, 2021 from 4.77 percent by the year-ago same period.

Total income also rose to Rs 78,352 crore during the quarter under review as against Rs 75,981 crore in the same period of 2020-21, it said. The company’s total deposits grew 8.83 percent YoY to Rs 38,47,794 during the quarter.

SBI chairperson Dinesh Kumar Khara said, the lender recorded a credit growth of Rs 1.3 lakh crore with good performance across segments and expects good growth going forward. Credit growth accelerated 8.47 percent YoY led by strong growth in retail per advances and resurgence in SME and corporate advances robust growth in foreign office advances, the bank said.

Also, Khara doesn’t see any challenges on the corporate credit growth front going forward.

Net slippage at 0.37 percent pulled back a significant amount of slippages in the quarter, he added.

According to the bank’s statement, its digital strategy is on track as 30 percent of retail asset accounts and 67 percent of savings accounts were opened through YONO in Q3FY22.